- Insolvency Insider UK
- Posts
- Thames Water - Case Update
Thames Water - Case Update

Thames Water has sought its third set of consents from its senior creditors to draw down an additional £157 million from a £1.5 billion facility in July and August. Thames Water has already drawn down £715 million of the facility.
The facility was approved as part of a restructuring plan sanctioned by the High Court in February, which was meant to provide a bridge as an interim measure to enable a further, more comprehensive restructuring plan based on an equity raise to be developed.
The restructuring plan required certain conditions to be met, including the June Release Condition, which required Thames Water to agree to a long-term restructuring plan by 30 June 2025. This condition was not met, nor were conditions relating to an appeal of the restructuring plan and a £122.7 million fine issued by Ofwat in May.
Thames Water has asked creditors to extend the June Release Condition deadline to July 31 and waive the other conditions in order to allow the additional £157 million to be paid in two tranches in July and August. This amount is being sought under the initial £1.5 billion facility provided by the creditors. An additional £1.5 billion may be available under an "accordion" facility if certain conditions are met, but this facility will not be accessed unless it is necessary.
The voting date is 14 July.
Read the press release HERE.