Thames Water announces plan meetings for liquidity extension
LONDON – Thames Water Utilities Limited (TWUL) has scheduled plan meetings for January 21, 2025, following a High Court directive. These meetings are part of a proposed restructuring plan by Thames Water Utilities Holdings Limited, aimed at extending the company’s liquidity. The plan, under Part 26A of the Companies Act 2006, received over 75% support from creditors involved in various debt classes as of December 17, 2024.
The plan meetings, set to occur at the offices of Linklaters LLP and via video conference, will allow creditors to consider and potentially approve the restructuring plan. An explanatory statement detailing the plan’s effects and the steps creditors need to take, including voting procedures, is now available on the Plan Website and for inspection at Kroll Issuer Services Limited’s offices.
Creditors are encouraged to review the explanatory statement and seek legal and financial advice for any queries. They are also urged to accede to the transaction support agreement by the record date to receive a non-cash consent fee, which will be capitalized in their respective positions in the waterfall. Questions regarding the explanatory statement and the transaction support agreement can be directed to the Information Agent at [email protected].
This move follows TWUL’s announcement on October 25, 2024, of the liquidity extension transaction and the related transaction support agreement. The company has provided contact information for investor and media enquiries, underscoring the importance of transparent communication during this restructuring process.
The information is based on a press release statement and is intended to keep stakeholders informed about the upcoming plan meetings and the steps involved in the liquidity extension transaction.
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