Thames Water taps Julian Gething for chief restructuring officer
By Iain Gilbert
Date: Monday 02 Dec 2024
(Sharecast News) - Embattled utility provider Thames Water has tapped AlixPartners' Julian Gething to oversee its debt restructuring as it looks to evade temporary nationalisation.
Britain's biggest water and sewage operator said on Monday that Gething would advise on its "complex and ongoing balance sheet recapitalisation process".
Thanes Water has been looking ahead to a court hearing on 17 December that could approve as much as £3.0bn in emergency debt funding as part of a restructuring plan that would provide it with enough firepower to continue operating into 2025.
However, even if Thames Waters gains the court's approval, it will still require further restructuring in the new year.
Thames has also been looking to raise up another £3.25bn in equity in order to fix chronic leaks and sewage spills. It has called for indicative bids from potential investors by 5 December.
Reporting by Iain Gilbert at Sharecast.com
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