Thames Restructuring
Any thoughts/insights on Thames newest Rx plan? How deep are Elliott/SP on this? Understand they are effectively the owners but they need to carry this plan ahead or they can get wiped out if the state takes control. 20bn capex plan and 3-4bn additional to be paid, is there any upside at all for the creditors (now equity holders)?
Thanks
Very ignorant to Rx here.
Since the creditors became equity holders, was Thames Water as simple as an initial issuance of a convertible loan, or was this some sort of LME where debt was converted to equity.
And typically in a scenario where debt is converted to equity (without the loan originally being a convertible) is this equity conversation at par, or is there typically some discount or increase given the situation? Cheers
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