Mr Justice Leech approved Thames Water's restructuring plan, which provides up to £3 billion in loans to sustain operations until 2026. Dismissing an alternative proposal from Class B creditors, he concluded that it lacked practical benefit. The approved plan carries a steep 9.75% interest, potentially burdening customers with higher bills. Despite scrutiny from campaigners and legal challenges from creditors, the plan is seen as necessary for public service continuity. Critics fear that lender costs may lead to an £800 million burden on consumers over the loan's term, while stakeholders prepare for an appeal.
Mr Justice Leech emphasized that while the approved plan includes cost considerations, it ultimately serves the public good by maintaining the continuity of Thames Water's services.
Campaigners argue the approval of the £3 billion loan will lead to significantly higher customer bills, with excessive interest charges burdening consumers while company executives evade accountability.
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