Challenge to £3bn rescue deal dismissed | EUROtoday

A £3bn rescue mortgage for Thames Water is about to go forward after an attraction in opposition to the deal was dismissed.

The troubled agency secured the rescue mortgage in Februaryto stave off the prospect of the debt-laden firm coming below authorities management.

But a small group of lenders had argued in opposition to the phrases of the deal, whereas Liberal Democrat MP Charlie Maynard had argued that further lending was not within the public curiosity.

This further funding permits Thames to proceed working for a minimum of one other 12 months giving it time to restructure its practically £20bn in debt and attempt to appeal to new funding.

The causes for the Court of Appeal’s choice are but to be launched.

The BBC understands that Mr Maynard remains to be contemplating whether or not to attraction in opposition to this newest ruling to the Supreme Court.

Thames Water’s chief government Chris Weston mentioned he was “pleased” with the choice.

“We remain focused on putting Thames Water onto a more stable financial foundation as we seek a long-term solution to our financial resilience,” he mentioned, including that the agency’s “turnaround plan” can proceed.

He added the preliminary tranche of £1.5bn could be supplied in instalments over the approaching months.