Thames Water - comment

A new set of creditors have organised which consist of the existing lenders (nearly twenty institutions) to the company and which have exposure to existing interest rate swaps, revolving credit facilities and some class A and B notes and hired Perella Weinberg as their financial advisor. This is in addition to the set of Class A and Class B bond and US private placement noteholders who organised earlier in the year and are advised by Akin Gump and Jefferies. In the meantime, the market is waiting for a July 11th ruling from Ofwat regarding setting of price controls for the UK water sector.