Photograph: Toby Melville/Reuters
Thames Water has gained support from its top-ranking creditors to proceed to the next stage of securing a £3bn emergency funding package intended to stave off its collapse for at least a year.
The struggling utility company said on Wednesday that 75% of the holders of its least risky loans – known as class A debt – had backed a plan to extend the cash lifeline, the minimum threshold needed to receive court approval for changes to its debts.
