The Times water creditors offer 25 % deletion of debts to more lenient targets

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The Times Water Calculation offered to get the approach of 25 percent to their debts and inject more than 5 billion pounds of new money in exchange for more eclipse goals, as they seek approval from the Offaat industry organizer to control the largest water company in Britain.

It has also placed senior creditors, who own the largest part of the company with a cost of about 20 billion pounds in bonds, and the Management company in the United States of private includes the APOLLO Global Management and the Elleott Management Fund, eventually the company is inserted into the stock market in the proposals submitted to Offat on Wednesday.

The group of creditors said that they will achieve 3.15 billion pounds in stocks and 2.25 billion pounds in the new debts, provided that the Offat will weaken targets less than the Times water leakage and water leaks to reduce the risk of fines.

Times waterWhich provides water and sewage services to 16 million people in and around London, fights to avoid re -design for more than a year.

The utility has already said that its infrastructure for aging “Danger to public safety”While his bad record of sewage leakage has pushed a public screaming and millions of pounds in fines of Offat.

The creditors said on Wednesday that some of the Times water assets, such as water treatment plants, were subject to “one failure points” such as power outages.

As part of the transformation, the creditors said that no profits will be paid to the shareholders and that they will not sell the business before March 2030.

The Times Water said that the collection of creditors is the only remaining destination after the KKR Special Stock Group abandoned its offer, Partially because it was concerned about the government’s intervention.

The government, which will need to sign the new plan, said it prefers a solution “leading the market.” If the creditor’s plan does not advance, the company may become the first private owned water company in England to be re -raised.

The Times Water Cultivation hopes to obtain approval from OFAT by October 22, which is the deadline for companies to attract competition and markets to increase the bill. Five water facilities have sought to obtain approval to increase the bills, but Themes Water has delayed her request during her work by re -financing.

The creditors said they did not rule out CMA’s appeal at the level of the bill.

The company is already in hand in the hands of the Supreme Credit Group, which was called the London Union and the Valley. The consortium also loaned the Times water more than 3 billion pounds in the rescue financing at a rate of interest 9.75 %.

The plan shown today will reduce the company’s gears-the ratio of debt to the assets-to 53 percent and allow it to return to the classification of the degree of investment in a process that may take 18 months. The Times Water Corporation reached 84.4 percent this year.