Thames Water has received court approval for up to 3 billion pounds of emergency funding
LONDON — LONDON (AP) — Thames Water, which serves 16 million people in and around London, has received court approval for up to 3 billion pounds ($3.7 billion) of emergency funding, preventing the company from falling into government administration.
The High Court in London on Monday dismissed an appeal from a small group of creditors who argued that the funding package was too expensive and favored bigger lenders. The appeal challenged the court’s earlier decision to authorize the deal, which has been backed by lenders holding about 90% of the company’s debt.
The court said it would release the reasoning behind its decision at a later date.
Thames Water, which has about 17 billion pounds ($20.9 billion) of debt, was in danger of running out of money within days if