Thames Water Utilities Ltd has announced that the restructuring plan proposed by Thames Water Utilities Holdings Ltd has been approved by creditors holding over 90% of secured debt present and voting at the plan meetings, ahead of it being considered by the Court at the sanction hearing scheduled for 3 - 6 February 2025.
Following the order dated 17 December 2024 by the High Court of Justice of England and Wales, the results of were announced in a Liquidity Extension Update issued to the London Stock Exchange following seven meetings of Thames Water and the creditors which were convened yesterday to vote on the restructuring plan proposed by Thames Water.
The summary of the voting results is as follows:
The Court will consider approving the Plan at the sanction hearing scheduled for 3 - 6 February 2025.
"We believe it is the only implementable solution"
Julian Gething, Thames Water's Chief Restructuring Officer said:
"Our plan delivers for customers and stakeholders by unlocking up to £3 billion of new money and securing a total of £3.5 billion of debt maturity extensions over the next two years and cash releases, so we can continue investing the billions of pounds required to improve our network's resilience.
"We believe it is the only implementable solution to enable the equity investment required to provide stability and certainty in the longer term and will not impact customer bills."
Owen Mace has taken over as Director of the British Plastics Federation (BPF) Plastic Pipes Group on the retirement of Caroline Ayres. He was previously Standards and Technical Manager for the group.
PureTec Separations, the Ledbury-based water treatment engineering firm, has appointed Dan Norman as its new Sales Manager – Water Process Systems, supporting the company’s continued growth in the UK and international markets.
bNovate has launched BactoCloud, a secure cloud-based platform that connects and manages its BactoSense instruments, enabling real-time monitoring and optimization of microbial water quality.
Amiblu, a global leader in Glass Reinforced Plastic (GRP) pipe systems for wastewater, stormwater, drinking water, irrigation, hydropower, and industrial applications, has announced the appointment of Martyn Turton as its Sales Director for the UK & Ireland, driving strategic market development in the infrastructure and water sectors, effective immediately.
Hear how Scottish Water has completed its £235 million Ayrshire Glasgow Resilience Project - customers across Greater Glasgow, Ayrshire and East Renfrewshire will now benefit from a more secure and resilient water supply.
Hear how United Utilities is accelerating its investment to reduce spills from storm overflows across the Northwest.
Find out more about the remarkable career opportunities on offer at WSP - scroll down to watch the inspirational video.