Thames Water - comment

A subset of the Class B Holders have hired Quinn Emanuel to extract as much nuisance value from the estate as possible. Quinn Emanuel Urquhart & Sullivan LLP has an aggressive reputation in highly contested restructuring situations. As a reminder, the Class B securities represent c. £1.4bn of debt compared with c £14.8m of the Class As ahead of them. In the looming UK restructuring process, the Class Bs are most likely to receive de minimis recoveries as they should be placed in a class of creditors junior to the Class As.