Lower-ranking creditors complain to utility they have been cut out of restructuring negotiations
Thames Water’s battle for survival intensified on Friday when debtholders fell out over a proposed £1.5bn emergency loan and restructuring plan that would help the UK’s largest privatised water utility stave off financial collapse by Christmas.
The creditors behind Friday’s letter include hedge funds, banks and insurers, according to people familiar with the matter, and represent a significant portion of Thames Water’s £1.4bn of class B debt. They stand to take heavy losses or have their bonds wiped out should the company be renationalised. The class B bonds were trading at less than 20p in the pound on Friday, reflecting their low recovery expectations.
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