(Bloomberg) – Funds including silver point Capital and Elliot Management are working on a Rescue Plan for British Utility Thames Water That Would Total more than £ 10 billion ($ 13.5 billion) People Familiar with the Matter.
The proposal, the main terms of which are similar to the one presented by us alternative investor kkr & co. Before it Walked Away from its plansless investment this week, would involve a sweping debt restructuring. There would be a Multibillion Pound Haircut for Senior Creditors, The People Said. That would be on top of cuts for the Utility’s More Junior Class B Bonds and Loans, as Well as for Debt at the Holding Level, Amouncing to Approximately £ 3 Billion.
The package would also also include an equity injection of Between £ 3 billion and £ 4 billion to stabilize the company’s finances. The specific terms of the plan are still being finalized.
A spokesperson for the Senior Creditor Group, which inclver points and elliot, confirmed that it has submitted a detailed long long-term Turneround Proposal For the COMPANY THE COMPANY THE COMPANY Balance Sheet, Rebuild Customer Trust and Fix the Fundamentals of the Business. ” A spokesperson for Thames Water Declined to comment.
Thames water is in a race against time to fix its finances. Britain’s Larget Water and Sewaage Utility is Alredy Eating ImerGENCY Loan that it was granted by Senior Creditors to Prevent Its Cash from Drying Up, and is Scrambleing to Find Fresh Equity. The company needs to find a turning plan that will reduce its debt pile of nearly £ 20 billion.
Previous sharehlders called the company uninvestable, written off their stakes and leaveing it to the creditors. The utility, which supplies about a Quarter of the UK’s Population, Came Close to Running Out of Money Several Times Before Obtailing The Emergency Loan.
The details of the latest proposal, which aims to return the company to investment-grade status, are emerging after Thames Water Confirmed It’s Working With Its SENIOR CREDTORS to Restliz and RestOre Its Finances. Regulator ofwat will need to discuss the details with the creeditor group in the coming weeks. The creditors said in a statement this week that the plan is full-funded.
Should the process of Raising Equity Fail, Thames Block Fall INTO A Special Administration Regime, or SAR, A Temporary State-Suprevised Process Akin to Insolveency Designed for Bankrupt business Provide critical services.
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