THAMES Water has won court approval for £3bn of funding in a two-part plan aimed at saving it from collapse into public ownership.
The supplier has spent four days in court seeking a package of investment after it secured a loan of up to £3bn in October last year.
The injection ensured the company would continue into this year, but it sought further funding from investors to avoid going into public hands.
Thames Water needed approval for a series of short terms loans while it completes restructuring, without which it risks nationalisation.
The high court in London this week approved the plan, which will see an upfront investment of £1.5bn released in monthly instalments while it appeals for further increases in customer bills.
This will see it through to at least September, in which time they will continue to seek ways of raising revenue and fielding bids from currently unidentified parties.
A second instalment of £1.5bn would then be delivered with the intention of seeing the company through to at least May next year.
The court case deliberated over the interests of two groups of creditors, each of whom had made an offer on how to bring the supplier’s debts down.
The successful group included investors such as Abrdn as well as a number of hedge funds.
