Thames Water to run out of cash by March without £3bn rescue package [Yahoo! Finance]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
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Source: Yahoo! Finance
The embattled utility giant, which supplies 16m customers in London and the South East, is relying on its senior lenders to vote through the lifeline to stave off temporary nationalisation, bosses warned today. Thames has agreed a £3bn financing package with its most senior Class A creditors, known as the liquidity extension transaction, which will extend its cash runway until at least May 2026. Approving the plan will allow Thames to survive while also supporting the company's attempts to source new investment. However, the utility supplier could be forced into the Government's special administration regime without the funding, according to its chief executive, Chris Weston. Approval for the package is expected by Jan 20 next year, although not all lenders have agreed to the proposal, with some of the more junior bondholders, known as Class B creditors, refusing to back the plan. The first court hearing regarding the rescue package will take place next Tuesday, with the co
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