Thames Creditors Plan £5 Billion in Fresh Funds, Debt Writedowns
Thames Water 's senior creditors have submitted a rescue plan to the UK's water industry regulator, envisaging £5 billion ($6.8 billion) of fresh funds and hefty losses for the struggling utility's debt holders.
The proposal includes £3 billion in new equity and £2 billion of fresh debt, according to a statement by the group of creditors released on Tuesday. It would also mean 'several billion of debt writedowns' to ensure financial stability, while existing shareholders would be be completely wiped out, they said.
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