The creditors have filed an alternative, minimalist plan that requires no price rises, but also no fines and less CapEx for the coming five years. Not having
Read MoreWe are wondering. We’ve shown the other day what the narrow path to making money looks like for TW and its investors and it’s clear that
Read MoreWhen we wrote that KKR would walk out, we meant that tactically. TW’s statement this morning reads awfully final, but then
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Thames Water disclosed a near 99% consent rate on its second request yesterday and that it would prepare for the
Read MoreThat the appeals would be thrown out was all but certain (see previous notes). But not being lawyers, we find ourselves asking what
Read MoreThat KKR’s terms are acceptable to the Class A is somewhat beyond doubt, since there would be no point in going through the motions if they
Read MoreToday, we will be hearing challenges to the A-Plan. We expect none of those to really stick. Nonetheless, Thames Water have been duly making
Read MoreAs per the FT this morning, we are now counting four equity bids for Thames Water: KKR, CK Infrastructure (Hutchinson), Covalis (B-Holder and fronting Suez / Kraken) and
Read MoreAnd Plan A is sanctioned! Thames Water should, therefore, have funding until May 2026. This means the immediate pressure is somewhat off the situation for now, but as per yesterday’s comment, we are awaiting
Read MoreThis week, we should receive Judge Leech’s ruling on the A-Plan (tomorrow) and witness the hearing of the B-Plan on Wednesday. Depending on how that B-Plan hearing goes, we could see the
Read MoreWe would like to see the list of conditions attached to the equity bids that have come in. After Castle Water’s 4bn rescue plan, the Covalis / Suez/ Kraken bid this
Read MoreToday is the big day - in theory. Like most participants, we don’t think that the current state of information and government commitment is far
Read MoreThis is the crucial week, with the sanction hearing scheduled for today through Wednesday. We are highly confident the A-Plan will sail through, as
Read MoreCreditors voted as expected, with the As voting overwhelmingly in favour of the plan and the Bs voting against it, safe for the proportion that is
Read MoreAs we wrote before, Thames Water was always going to use its funding urgency to push its agenda. As a result, the path for the Bs now appears
Read MoreThe Class B practice letter is a valiant attempt to defuse the A’s argument that the B-Proposal is “unimplementable”. The B’s won a stage victory to
Read MoreOfwat’s final determination provides for price hikes of 35% over the next five years - before inflation, very much in line with the recent talk of town. On anyone's math
Read MoreThe company now also has struck an agreement with its swap counterparties to back the restructuring for up-front fees and an additional 1% premium. We are
Read MoreAfter everything that has been discussed and released in recent months, we find little new information in the September accounts that were released
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