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

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Financial Times 3d ago

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

Quick Summary:

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.

Alvarez & Marsal and Norton Rose Fulbright are advising Thames Water’s parent company Kemble, which has already defaulted on its debt, while Moelis and Freshfields are advising Kemble’s creditors.