Thames Water restructure plans a ‘bridge to nowhere’, MP’s barristers tell court Thames Water should be placed into administration as plans to restructure the struggling utility are a “poor short-term fix” and a “bridge to nowhere”, an MP’s barristers have told the High Court.
But Mr Day claimed Thames Water “has put no evidence before the court as to customer support” for the restructuring plan, which he said, “must be because the company considers customer support to be irrelevant and also because there is none”.
The restructuring, known as the company plan, would effectively guarantee Thames Water can keep operating until 2026 by providing £1.5bn of funding with a 9.75% interest rate, with a further £1.5bn potentially available, ahead of a substantive restructuring later this year.
In written submissions, William Day, for Mr Maynard, said the company plan “does not confront Thames Water’s financial difficulties” and instead was a “sticking plaster”.
He said: “(Thames Water) has failed to show how the restructuring plan is in the public interests or customers’ interests.
