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Thames Water is currently spending £ 15 million a month for lawyers and other advisors, and the ultimate bill of reorganization may exceed 200 million pounds, and the company's highest finance officer is London's high. I told the court.
Alastair COCHRAN has been in a high -cost commission bill during an important high -court hearing that the largest water supply operator in the UK to approve up to 3 billion pounds to stop the urgent cash crunch. Was revealed.
COCHRAN estimates that the total amount of the planned loan from creditors, including Elliott management, and other creditors, is in an area of 100 million to 100 million pounds. 。
Thames Water states that the planned emergency loans from advanced creditors are necessary bridges for a widespread reorganization.
Without a loan, Thames Water said that there would be a danger of losing cash on March 24 and colliding with the government's special administrative regime. The process can continue to be executed while this process is potentially reorganized and sold, or while the debt is frozen before the complete nationalization.
Kokuran said that Thames' water could spend more than £ 90 million on fees before the latter half of this year agreed to a comprehensive reorganization.
He had in the court, including the “reasonable expenses” that Thames Water covered for creditors, but “most of these rates are our own. It was a legal expense. ” Financial Times reported last year that Thames Water predicted 100 million pounds only for the Corporation's Advisory Engagement Costs by September 2025.
Magic Circle Law Office Linklaters advises Thames water, but investment banks Rothschild & Co are supervising the process of enhancing fairness. The US law firm Akin and QUINNN EMANUEL have advised rival seniors and junior creditors groups.
Credit investment companies, including Polus Capital Management, are aiming to challenge the loans proposed by luxury credits, claiming that utility has not considered a loan offer properly at low cost. I am doing it. There are few restrictions.
Koklan also told the court that next year, including the cost of new loans from class A, will expect the utility's total interest invoice to £ 800 million next year. This proposed loan has a high annual interest rate of 9.75 %, and a further fee for lender is imposed.
He denied that the additional cost of a new loan would be borne by the Taemeswater customers, and said that the expenses that would exceed the water regulator allowed by the licensed water regulator will be borne by creditors or new stock investors.
The finance manager was opposed by William Day, a court lawyer who acted for Charlie Meinard, a liberal Democratic parliament, who allowed the court to speak for public benefits and consumers. I confirmed it. About one -third of the Thames Water's customer bill, Mayinard has already been written to the court in writing.
Meinard wrote that the “better course” is that Thames Water enters a special administration.
Kokuran believes that Thamz Water is in the “best profit” of both customers and creditors to avoid special management, but utility added that “no sacrifice is paid.” Ta.
