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How Thames Water became a battleground for hedge funds

Financial Times LogoFinancial Times1w ago

How Thames Water became a battleground for hedge funds - Financial Times

Quick Summary:

While there are heavyweight firms on both sides, the class B bondholders are relative minnows in Thames Water’s debt stack, accounting for £1.4bn of its borrowing versus £16bn of class A debt.

Elliott is joined by fellow US hedge funds Silver Point Capital and GoldenTree Asset Management in the so-called class A bonds and the likes of London-based credit fund Polus Capital Management hold the class B debt.

The class B bondholders, meanwhile, have said that Thames Water has not given a fair hearing to their offer, which they estimate could save the utility hundreds of millions of pounds.


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Article Details

Author / Journalist: Robert Smith

Category: MarketsFinanceInvesting

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-10 @ 05:00:25 (1 weeks ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 1456 words

Reading Time: 9 minutes read

Sentences: 49 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 23486953

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About Financial Times

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Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 13 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 9 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

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Website Security: Secure (HTTPS)

Publisher ID: #3

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