Thames Water Secures £3 Billion Lifeline: CEO Chris Weston's Strategic Move

Thames Water, under CEO Chris Weston, has secured a potential £3 billion debt package to ensure its continued operation. This financial lifeline, aimed at sustaining the company beyond the next year, awaits court approval. Alongside, an equity raise is underway, providing liquidity through February.

Thames Water CEO Chris Weston announced on Friday the company's strategic move to secure a new debt package worth up to £3 billion. This decision represents the best available option for ensuring the company's survival.

The package, which is designed to provide a financing lifeline for Britain's largest water supplier, is still pending court approval. This financial deal, valued at $3.89 billion, is aimed at sustaining Thames Water's operations over the next year and beyond.

In addition to the debt package, Weston revealed that a separate equity raise is also underway, running concurrently. This will provide the necessary liquidity for the company until the end of February.

(With inputs from agencies.)