Thames Water Utilities Limited
22 January 2025
Liquidity Extension Update - Voting Results of Plan Meetings
Thames Water Utilities Limited today announces that the restructuring plan proposed by Thames Water Utilities Holdings Limited 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.
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."
Following the order dated 17 December 2024 by the High Court of Justice of England and Wales (the "Court"), seven meetings (the "Plan Meetings") of Thames Water Utilities Holdings Limited (the "Plan Company") and the creditors outlined below (the "Plan Creditors") were convened yesterday relating to the restructuring plan proposed by the Plan Company in line with Part 26A of the Companies Act 2006 (the "Plan").
A summary of the voting results is set out below.
Summary of Voting Results:
| Plan Creditor Class | Voting Result[1] | ||
| For | Against | Abstention | |
| Liquidity Facility Class | 100% | 0% | 0% |
| Class A Debt (Make-Whole) Class | 98.06% | 1.62% | 0.33% |
| Class A Debt (Non-Make-Whole) Class | 98.99% | 1.00% | 0.01% |
| Class B Debt Class | 15.50% | 84.49% | 0.01% |
| Interest Rate and Index Hedging Class | 100% | 0% | 0% |
| Currency Hedging Class | 100% | 0% | 0% |
| Subordinated Creditor Class | 0% | 100% | 0% |
Sanction Hearing
The Court will consider approving the Plan at the sanction hearing scheduled for 3 - 6 February 2025. The time of the hearing will be included in the Insolvency & Companies Court cause list (https://www.gov.uk/government/publications/business-and-property-courts-rolls-building-cause-list#full-publication-update-history), which is expected to be published on 31 January 2025. Please note that case lists are subject to change.
This notice is also available online on the Plan website (https://deals.is.kroll.com/thameswater).
Plan Creditors should contact the Information Agent appointed for the Plan at thameswater@is.kroll.com with any questions on this notice.
For further information
Media enquiries
Alex Simmons
Edelman Smithfield
Thameswater@edelmansmithfield.com
Simon Haynes
simon.haynes@thameswater.co.uk
M: 07747 644 910
[1] The results set out in this table reflect the votes of those Plan Creditors present and voting at the Plan Meetings.
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