Date set for Thames Water liquidity extension plan appeal

The appeal hearing against Thames Water’s restructuring plan, which was approved by the High Court on 18 February, will take place on 11-13 March.

The court agreed to an expedited appeal process in view of Thames’ financial situation. Thames’ Class B debt creditors, who argue the approved Class A plan is too expensive, and Charlie Maynard MP, who argues the plan is not in the customer interest, are understood to have filed notices of appeal after being granted permission to do so.

Thames’ restructuring plan became effective on 21 February after it received High Court approval. Thames said it was proceeding with the initial implementation steps of the £3bn Liquidity Extension Transaction, and will take the final steps following the outcome of any appeal process.

The company argues its current plan is in the best interest of all its stakeholders. Chief executive Chris Weston said: “The sanction of the Plan will not affect customer bills but will provide continued investment in our network to fix pipes, upgrade our sewage treatment works, and maintain high-quality drinking water. We remain of the view that a market led solution is in the best interest of customers, UK taxpayers and the wider economy."