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.
The judge described the enormous fees, interest and other costs of the restructuring scheme as “eye-watering” adding “Customers and residents who are struggling with their bills will be horrified at these costs and mystified how the Thames Water Group has been able to fund them or why it has agreed to do so.”.
“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 already 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.
