How Thames Water became a battleground for hedge funds

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Financial Times 3d 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.