The Times water error may require reunification accounts

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The Times water may have to reformulate its accounts published last year, which inflates concerns about the financial stability of The largest water company in the United Kingdom.

Thames Water – which is trying to avoid promotion through a rescue offer from its creditors – is trying to understand the consequences of having to redesign the main numbers in its accounts for the end in March 2024, according to the documents that witnessed financial times.

It can cause more violations of the Times Water debts, which are strict terms that the tool must adhere to certain financial proportions. Accounting monitoring, the Financial Reports Council, is aware of this issue, according to persons familiar with the situation.

The most water benefit in the UK under Mount Dion is approximately 20 billion pounds and agreed Rescue copy of a rescue plan of 5 billion pounds With its creditors after the American private stock company KKR moved away from an attempt earlier this month.

The Supreme Credit Group, which includes about 100 financial institutions, including the American hedge funds Elliott Management and Silver Point, were not aware of the accounting problem, according to two people familiar with the situation.

There was anxiety in the Times Water Camp that any amendment to the accounts could push one of the senior lenders to claim that the breach of debt terms had occurred, according to the documents.

In this case, the THEMES Water can argue that she acted in good faith and obtained boundaries to her accounts from PWC, the documents say.

The accounts of the year until March 2024 The Times water showed She made her first profit In four years at 139 million pounds, compared to a loss of 132 million pounds in the previous year. However, almost almost a 10 percent increase in families ’bills in 2023, which raised revenue by 221 million pounds to 2.4 billion pounds.

Lawyers at Linklates, the “Magic Circle” company, which represents the Times water, suggested that there will be no “practical consequences” on the Times water breach covenants as a result of appointments, however, as the benefit was already major covenants last year, as you read documents.

Possible reformulations come in a risk -fraught moment for the Times water. The UK government said on Thursday that it has it I went up “preparations The Times indoor water in the special management system, or SAR, and indicated that it will reject the demands of creditors to exempt them from the main environmental laws; The case of their rescue.

Creditors – who have already agreed to separate An emergency loan of 3 billion pounds With the presence of the THEMES Water to avoid administration-it was asked the government and the organizational body for grant licensing changes and even emergency legislation to protect businesses from environmental protection laws.

The confrontation between creditors and the government threatens to make the Thames River the first water company located in SAR, where the facilities were privatized in England and Wales in 1989.

The accounts of the Times water were prepared under the chief financial managers Alison Cocran, who He resigned in March Since then it has been replaced. He did not respond immediately to the request for the comment that was made via LinkedIn.

The Times water refused to determine what the error was a possible reformulation. He said in a statement: “We are following all the international accounting standards approved in the United Kingdom and we should assume the responsibilities of organizational accounting seriously,” he said in a statement.

“The company is still focusing on placing the Times water on a more stable financial institution, implementing its transformation plan and providing an LED solution in the market that represents the interest of customers and taxpayers in the UK and the broader economy.”

The Group of High Communists, Offat, Government, FRC, Linklates, and PWC all rejected the comment.