Thames Water chairman Sir Adrian Montague said: "The Court's approval of the company plan marks a significant milestone for Thames Water, enabling us to proceed with the implementation of the Liquidity Extension Transaction.
“Its implementation is a key step in strengthening our long-term financial resilience and will allow us to continue progressing the equity raise process and a holistic recapitalisation transaction as well as complete the CMA appeal process in respect of Ofwat's PR24 price review.
It has been approved by creditors holding more than 75% of its Class A debt, which is worth about £11.5 billion and is the least risky class of bonds in its debt pile.
Thames Water was handed a £3 billion lifeline today after the High Court approved its plans for an emergency restructuring.
Thames Water serves around 16 million customers, about 25% of the UK’s population, across London and a swathe of southern England west of the capital.
