Thames Water has appointed Julian Gething, Partner & Managing Director at AlixPartners in London, in a newly created role as Chief Restructuring Officer to provide specialist advice as it continues its complex and ongoing balance sheet recapitalisation process.
The water company said the newly created role will not involve the operational aspects of the business and the creation of the role will not result in any corporate redundancy programme.
With over 35 years of experience, Julian Gethin specialises in in delivering complex debtor side financial restructuring. Throughout his career he has taken a range of board appointments including Chairman, Director and Chief Restructuring Officer, spanning a broad range of industries in the UK and internationally.
Thames Water said:
“Julian will support the board and executive as it seeks to deliver the financial platform required to set the company on a more stable financial path for the future. He will be engaged on an interim basis pending the recapitalisation of the Group’s balance sheet.”
Julian Gethin will be appointed as an executive director and will sit on the TWUL Board, TWUF Board and TWUHL Board and TWUL executive, following ratification.
His remit is to work closely alongside the Chief Financial Officer, General Counsel, Corporate Finance Director and Non-Executive Directors to further develop and implement the actions required to recapitalise the balance sheet and complete the equity raise process. The appointment is supported by the company’s lenders.
Describing its Interim Management & Chief Restructuring Officer Services, AlixPartners’ website says:
“Our team of restructuring experts is called in by investors, creditors, law firms, governments, and corporates to solve complex problems and preserve value in urgent situations.
“Over the past 40 years, we’ve brought our expertise to stakeholders around the world on some of the largest and most high-profile bankruptcies and restructurings, assisting companies as they contend with financial, strategic, and operational challenges.”
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