Thames Water Agrees Debt Write-Off Deal
Thames Water has secured support from key creditors to write off about one billion pounds of junior debt. The restructuring plan offers creditors equity in the utility. Regulatory talks remain ongoing.
Thames Water reached a recapitalisation deal with creditors holding more than 60% of its junior Class B debt, wiping out £1 billion ($1.33 billion) in liabilities. The agreement marks a critical step in restructuring the largest utility provider in the United Kingdom. Creditors will receive a 5.9% recovery stake through equity and other rights in the restructured entity.
