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Part of Thames Water restructure plan “holds company to ransom”

20/01/25

The Standard, 20/1/25

Tony Singla KC, for the Class B creditors, told the court the JRC would allow Class A creditors to "wrestle control of this company and call the shots".

He said: "The JRC holds the company to ransom because unless these conditions are met the company will risk entering into [special administration].

"It is putting the company into the position whereby the Class A will be able to say 'We are not releasing any further funding'.

"The JRC gives the Class A creditors a right to veto. It allows them to direct the way in which this future recapitalisation process will go."

Singla said the Class B creditors wished to compile a "24-page expert report" on the impact of the JRC as part of a "very targeted and focused attack", adding if their case were correct, it would be "the end" of the "A plan".

https://www.standard.co.uk/business/business-news/part-of-thames-water-restructure-plan-holds-company-to-ransom-high-court-told-b1205885.html