Thames Water faced with £100mn bill from creditors’ advisers

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Financial Times 14h ago

Thames Water faced with £100mn bill from creditors’ advisers - Financial Times

Quick Summary:

Thames Water’s top-ranking bondholders are being advised by Jefferies and Akin, while its bottom-ranking bondholders are being advised by DC Advisory and Quinn Emanuel.

During the call, Thames Water’s general counsel Andy Frasier said that the fees would ultimately be borne by bill payers, according to one person familiar with the matter.

Although it is standard practice for companies in restructuring negotiations to cover the advisory costs of their creditors, one person close to the debt discussions said that “the situation risks becoming a ‘fee feast’ for bankers, funds, advisers and lawyers.