Gold bars to be exempt from tariffs, White House clarifies
LONDON - Thames Water Utilities Limited (TWUL) has launched a second request for consent and waivers from its super senior creditors, following a recent legal development. The company, on Monday, announced additional parallel consent and waiver requests (the "Second Consent Requests") in response to an appeal submission concerning its restructuring plan.
The appeal, lodged by Charlie Maynard MP on April 25, 2025, seeks to challenge the Court of Appeal’s sanction of the restructuring plan proposed by Thames Water Utilities Holdings Limited under Part 26A of the Companies Act 2006. The Court of Appeal has yet to decide on granting permission for this appeal to the Supreme Court.
In anticipation of a potential protracted appeals process, TWUL and Thames Water Super Senior Issuer PLC are seeking a further waiver and consent from at least 75% of the super senior creditors. These requests relate to conditions precedent to the super senior funding during the appeal period, and propose amendments to the funding documentation, including changes to the sequencing and allocation of funds.
The proposed amendments aim to prioritize funding for super senior creditors electing to participate in the second tranche of funding, ensuring they will be given precedence in subsequent tranches. The £1.5 billion super senior funding will continue to be disbursed in tranches to meet TWUL’s liquidity needs while any further appeal is ongoing.
The initial consent and waiver requests, made earlier this month, received approval, allowing TWUL to draw the first tranche of super senior funding. The company is working with its creditors to satisfy final conditions precedent for the super senior funding and obtain necessary waivers, as achieved with the First Consent Requests.
Creditors have been directed to TWUL’s investor relations website to review the Second Consent Requests in detail. The voting date for these requests is set for May 13, 2025.
This move comes as TWUL continues to navigate through its financial restructuring, aiming to maintain liquidity and operational stability. The information provided in this article is based on a press release statement from Thames Water Utilities Limited.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.