Thames Water avoids being taken into authorities possession in coming days after unsuccessful court docket problem

Thames Water has staved off efficient authorities possession after an unsuccessful authorized problem to its monetary restructuring.

The Courtroom of Attraction has dominated in favour of a £3bn mortgage meant to briefly kind out its funds whereas the corporate raises extra non-public funding.

The choice backs the Excessive Courtroom judgment of final month and means the UK’s greatest water provider is unlikely to be taken into particular administration – a type of authorities management – within the coming days.

With out the mortgage, Thames Water stated it could run out of cash on 24 March.

These collectors had objected to the mortgage as they confronted being worn out utterly within the monetary restructuring.

The corporate is struggling beneath a £16bn debt pile.

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