Street Calls of the Week
LONDON - Thames Water Utilities Limited announced Thursday it is inviting holders of its Class B debt to form an ad hoc group of lenders as it progresses discussions regarding a recapitalization proposal.
The invitation follows the October 2 announcement that the London & Valley Water consortium (L&VW) had submitted a proposal to Ofwat aimed at delivering the turnaround, transformation and recapitalization of Thames Water.
According to the company statement, the L&VW consortium consists of Class A Creditors including pension funds, insurance companies, asset managers and investment funds. The consortium’s proposal remains subject to ongoing discussions with Thames Water, Ofwat and other regulators.
Thames Water has appointed Rothschild & Co as Financial Adviser for the process. Class B debt holders interested in joining the ad hoc group are encouraged to contact Rothschild & Co to receive further details, including confidentiality arrangements.
The formation of a Class B creditor group represents another step in Thames Water’s efforts to address its financial situation as it works through recapitalization discussions with various stakeholders.
The London & Valley Water consortium was established specifically to develop and deliver its recapitalization proposal for the UK’s largest water utility.
The information was disclosed in a press release statement issued by Thames Water Utilities Limited.
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