Thames Water burns through £15mn a month on lawyers and advisers

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Thames Water currently spends 15 million a month on lawyers and other advisers and a bill set for reconstruction can be 200 million pounds, the lead court of London.

The Altermother’s louder published the workload project on Tuesday, in which Britain’s largest water program seeks to approve of up to 3 billion pounds until Matred money crises.

Patrane estimated that the total amount spent on counselors when it finished the planned Credit from lendersWhich includes US exhibitions such as Elliott Management, and $ 100 million will be up to 120 million pounds in the region.

Thames water He said that the extraordinary loan from his senior creditors is a required bridge for broader reorganization, which will give time to raise justice from new investors and transform its debts.

Without a loan, Thames Water says it will work on March 24 with cash and risk in government Special management modea temporary recovery form. This process will allow you to store services, while the debt is frozen from possible business reorganization and sale.

Sadrran said that the water of the temming could spend another £ 90 million, before the last annoring the more comprehensive reorganization this year, bringing the overall bill to 210 million pounds.

He told the court that the numbers of these fees were also included in the “reasonable expenses” that the water was covered by the water for his creditors, but that “most of these payments are our legal payments.” Financial times last year reported that the water was forecasting the water will spend £ 100m Until 2025 “Costs of Lender Advisory Engagement”.

Magic Circle Law Company recommends Thames Water, and the Investment Bank Rothschild & CO controls the process of increasing the process. US law firms and Queyn Emanuel advise the groups of senior and junior creditors of the competitor, respectively.

Lower B lenders, which include credit investment branded capitally. and with less restrictive conditions.

Shoes also told the court that the total total interest rate is expected to make 800 million pounds up to 900 million pounds, including the cost of a new credit loan. This proposed loan bears 9.75% annual interest rates, as well as subsequent lenders fees.

He denied that additional expenses for the new loan would be carried out by Tempty Water Customers, saying that the costs allowed to be authorized by his creditors or new capital investors.

The head of the finance confirmed the numbers during the Wiliam Day, a lawyer who operated for the Liberal Democratic MP Charlie Mainboard, which is in court. allowed to talk for public interest and consumer interest. About a third of Thames Water Customer Bills has already gone to service utility service, May-said in writing.

The “better and fair course” will be for the water for the water to enter the special department, the Mainard wrote.

Sadrran said that the water of Tembs believes that it is the “best interests” of his customers and creditors to avoid a special administration, but added that the usefulness will not do it at any cost.