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Thames Water received the green light to borrow up to 3 billion pounds sterling at a high cost in order to avoid insolvency, after the High Court of London signed a controversial bailout of the creditor.
The public service, which has already submitted to 19.5 billion pounds sterling in debt, had asked for the approval of the court to borrow up to 3 billion pounds sterling from its leading creditors, who, according to the company, will give breathing to raise the equity of new investors and renegotiate its debts.
Judge Leech, who chaired a one-week hearing at London High Court earlier this month, gave the green light of the loan in a 178-page judgment on Tuesday, saying that he met the criteria under of the law on societies and was not unfair to bonds of lower rank.
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