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This is a case study highlighting our market-leading coverage of a specific issuer. For access to breaking news and in-depth analyses you won't find anywhere else, get in touch at subscriptions@9fin.com.
About Thames Water
Thames Water is the UK’s largest water company. As a part of the Kemble Water Group, it is owned by a consortium of institutional shareholders.
Thames Water has been struggling with more than £19bn of debt. The High Court has upheld the company’s £3bn interim restructuring plan, reducing the risk of the company running out of liquidity and falling into special administration.
The summary
9fin’s coverage of Thames Water was one step ahead of competitors
The 9fin team covered Thames Water’s journey extensively, with day-by-day coverage of the hearing, legal insights, in-depth financial analyses, and more
Over 10 months, 9fin customers had access to 50+ pieces of content, helping them stay informed in a fast-moving market
Concerns were bubbling under the surface around Thames Water’s £19bn of debt.
In March 2024, existing shareholders refused to inject further capital in opposition to a plan from UK water regulator Ofwat. The company risked running out of liquidity by March 2025, triggering a government-run administration regime.
Class A and B creditors presented opposing restructuring plans. The court ruled in favour of Thames Water and Class A creditors, and an appeal was dismissed, approving a £3bn restructuring deal and avoiding special administration — for now.
An equity raise process is ongoing and path is cleared for a second, holistic restructuring expected to complete by September.
The best of 9fin’s coverage
9fin’s European distressed and restructuring team had been closely monitoring the situation since it surfaced. Our coverage enabled advisors to spot and pitch for mandates faster, and helped investors get ahead on new opportunities.
Cascading the comms
9fin subscribers didn’t have to go far to get the latest information, with analysis at each stage of the hearing. Here are just some of the highlights.
Appeal coverage
Thames Water appeals dismissed as directors' releases modified — 17 March 2025
How should Thames Water be rescued? — 12 March 2025
Judge rails against “frankly ridiculous” Thames appeal window — 21 February 2025
Judgement analysis
The £3bn jigsaw puzzle — 19 February 2025
Verdict
Judge sanctions Thames Water restructuring deal, grants appeals — 18 February 2025
Hearings
Thames Water price-cap appeal unlocks another £1.5bn —
14 February 2025
Thames Water judgment could be stayed pending appeal —
5 Feb 2025
Bid for equity
Senior Thames Water creditors mull equity bid — 4 Feb 2025
9fin subscribers have access to all this content and more. Find out more about our market-leading news and analysis here.
The results
The team published 50+ pieces of content on Thames Water over 10 months, between April 2024 and February 2025. We also ran a Thames Water deep dive in our Cloud 9fin podcast.
9fin’s coverage of Thames Water ensured that those in the leveraged finance
and distressed space had the intel they needed to pitch for mandates and stay informed as this situation unfolded.
Our coverage of Thames Water is ongoing — to follow our market-leading news and analysis of this issuer, and many others, get in touch with our team at subscriptions@9fin.com.
