Jurisdiction(s):
United Kingdom

Re Thames Water: High Court (England and Wales) sanctions interim Part 26A restructuring plan; SAR held relevant alternative; public interest and competition law objections dismissed

Published on: 17 March 2025

Published by a LexisNexis Restructuring & Insolvency expert

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Article summary

Re Thames Water Utilities Holdings Ltd [2025] EWHC 338 (Ch) What are the practical implications of this case?

Under the plan, TWUL will receive up to £3bn in liquidity from a cohort of its current senior lenders (‘the Class A Creditors’), whilst it continues to take steps to implement a stable, long‑term restructuring plan. As Leech J observed, it seems improbable that TWUL will carry the entire debt burden over the long term—he considered it likely that the Class A Creditors will accept a ‘substantial haircut’ to deliver the long‑term restructuring. Liquidity from existing senior creditors will underpin a stable, long‑term restructuring plan in full.

Leech J’s judgment is dense with familiar yet critical practical guidance, emphasising:

the need to file expert evidence precisely directed at the issues under consideration;
the pitfalls where factual witnesses are unfamiliar with the documents on which they give evidence;
the risks of advancing late submissions without the Court’s invitation.

He also records notable legal conclusions and obiter remarks, addressing the priority of the public interest in a special administration regime (‘SAR’); the hurdles junior creditors face when asking a court to ‘cram up’; and the overarching importance of the public interest...

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