Thames Water Utilities Ltd and Thames Water Super Senior Issuer PLC have aunched parallel consent and waiver requests with voting deadlines of 18 December 2025.

The company is seeking certain waivers and consents from its secured creditors and super senior creditors via a set of proposals and a sixth set of consent requests which will:

• permit certain steps which Thames Water expects that it will take to implement any market-led solution to the recapitalisation of the company; and
• remove the requirement to reserve cash early for debt service under its financing arrangements.

Announcing the requests, the water company said discussions with all stakeholders in relation to a potential Recapitalisation Transaction are continuing and it remains Thames Water’s objective to seek to achieve consensus between all stakeholders in relation to this. Thames remains focused on delivering a Recapitalisation Transaction which delivers for its customers and the environment as soon as practicable, a statement issued by the company said.

Restructuring plan launch waiver

To facilitate the implementation of a Recapitalisation Transaction, Thames Water anticipates that a restructuring plan (RP2) under Part 26A (or, if applicable, a scheme under Part 26) of the Companies Act 2006 will be required.

As part of the Recapitalisation Transaction, Thames Water anticipates that it will be required to take certain actions which are more fully set out in the STID Proposals,

The proposed actions are permitted under the finance documents, provided that a lock-up agreement with the requisite support is in place. Thames considers that it may be beneficial to commence certain steps prior to a Supported agreement being in place in order to facilitate the timely initiation of RP2.

Thames Water said it is therefore requesting a waiver to permit the proposed steps to take place, provided that the company enters into a supported lock-up agreement in respect of the recapitalisation transaction on or prior to the date that any RP2 practice statement letter is issued.

The utility believes that the waiver would support the steps to enable the timely initiation of RP2, which itself is intended to deliver the Recapitalisation Transaction.

Debt service reserve waiver

Under its current financing arrangements Thames is currently required to reserve cash for debt service in advance of the due date for such payments. The company is requesting to waive its obligations to reserve this cash monthly in advance and to reduce the number of Business Days for which cash must be reserved in advance of each payment of scheduled debt service.

Thames Water says it believes that this waiver would be beneficial, as it increases the firm’s liquidity by releasing additional available cash.

The statement says:

“For the avoidance of doubt, approval of the consents and waivers proposed in the STID Proposals and the Sixth Consent Requests shall in no way constitute an approval of the terms and conditions of the Recapitalisation Transaction or RP2 which will be sought separately through a High Court Process in accordance with their terms at the relevant time.”

Voting may close earlier if the requisite majority of creditors vote in favour before the voting date.