Thames Water - comment

This week, we should receive Judge Leech’s ruling on the A-Plan (tomorrow) and witness the hearing of the B-Plan on Wednesday. Depending on how that B-Plan hearing goes, we could see the As pushing for another hearing on an A2-Plan. While we can guess that such a second plan would be an improved version, we do not know if it will include some value for the Bs to end the value destruction between creditors. While that is all very interesting and certainly important, we do not doubt that whatever happens this week will be appealed next week.