Thames Water wins court backing for £3bn debt package. Deal approved at high court gives company £1.5bn in upfront cash to stave off collapse.
Thames Water has won court approval for an emergency debt package worth up to £3bn that should stave off the collapse of Britain’s biggest water company for at least another few months.
London’s high court said on Tuesday the deal could proceed, after hearing four days of complex arguments earlier this month over whether it should go ahead.
Thames, which has 16 million customers and 8,000 employees, has been on the verge of collapse for months, with debts of about £19bn. The financial difficulties have contributed to underinvestment in the pipes and drains needed to prevent sewage overflows into rivers and seas.
The British Blue Community ‘We Own It’ comments:
🚨Breaking🚨 ⚖️The High Court has approved #Thames Water’s £3bn bailout loan. This is just a stay of execution. Thames will limp on for a few months like a profit-thirsty zombie. The privatised business model is rotten and must be condemned. Public ownership NOW!
