Thames Water Utilities - Part 26A Restructuring Plan

Thames Water Utilities, Britain's biggest water supplier, has launched a Part 26A restructuring plan to address its US$19.6 billion in debt, while also announcing a proposed transaction to extend its liquidity runway, including up to £3 billion of new money in addition to access to cash reserves and debt extensions.

The new debt package keeps the company funded until October 2025, giving it a year to complete its debt restructuring.

The company expects that the restructuring plan will be proposed by Thames Water’s parent, Thames Water Utilities Holdings, with the sanction hearing anticipated to take place in January 2025.

Linklaters is reportedly advising the company.