Finance and Investment
The board of United Utilities has today announced that it has accepted Ofwat’s Final Determination on its AMP8 Business Plan covering the five years to March 2030.
Pennon Group PLC, owners of South West Water (SWW) and Sutton and East Surrey (SES), has accepted Ofwat’s Final Determination announced in December, following their respective outstanding and good/standard AMP8 business plan assessments.
Thames Water has initiated further legal moves to keep the company’s interim recapitalisation transaction on track – and says that the only alternative to the company’s restructuring plan (RP) is special administration, and that there is presently no alternative implementable transaction for Thames to avoid special administration if the company’s plan is not approved.
For the second time in four months, Moody's Ratings has yet again downgraded Thames Water to Caa3 from Caa1, taking its Corporate Family Rating (CFR) further into junk territory – in September Moody’s downgraded it to Caa1 from Ba2, which is considered a junk rating.
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.
- Thames Water - Class A creditors approve waiver in STID Proposal to mitigate impact of Class B creditors
- Thames Water rejects Class B creditors proposed restructuring plan
- Thames Water publishes Liquidity Extension Update
- Thames Water gains High Court approval to proceed to next phase of emergency loan plan
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Expert Focus
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Thames Water starts work on £20 million pipe upgrade in Islington February 13, 2024
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