LONDON – Thames Water Utilities Limited (TWUL) has scheduled strategic meetings for January 21, 2025, following a High Court order. The meetings are part of a restructuring plan proposed by Thames Water Utilities Holdings Limited, which aims to stretch the company’s finances. The plan, under Section 26A of the Companies Act 2006, received more than 75% support from lenders involved in various categories of debt as of 17 December 2024.
The plan meetings, which will be held at the offices of Linklaters LLP and using video conferencing, will allow the lenders to consider and approve the restructuring plan. An explanatory statement explaining the effects of the scheme and the steps creditors need to take, including the voting procedures, is now available on the Scheme website and for inspection at the offices of Kroll Issuer Services Limited.
Creditors are encouraged to review the explanatory statement and seek legal and financial advice with any questions. They are also asked to agree to a support agreement on the day of the recording in order to receive a non-cash allowance, which will be credited to their position in the waterfall. Inquiries regarding the explanatory statement and the project support agreement can be directed to the information agent at thameswater@is.kroll.com.
This move follows TWUL’s announcement dated October 25, 2024, of the extension of the loan repayment and related transaction support agreement. The company provided contact information for investors and media inquiries, emphasizing the importance of transparent communication during this restructuring process.
The information is based on a press release and is intended to keep stakeholders informed about the upcoming program meetings and the steps involved in the expansion of credit funds.
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