Thames Water Utilities Holdings Ltd, In the Matter Of (Re Consequential Matters) [2025] EWHC 369 (Ch) (18 February 2025)

Thames Water Utilities Holdings Ltd, In the Matter Of (Re Consequential Matters) [2025] EWHC 369 (Ch) (18 February 2025)

The court sanctioned the plan, holding that the proposed information rights and releases, as amended, are sufficient and do not prevent approval. The releases are not so broad as to exclude legitimate officeholder claims, and the balance of fairness supports approval to facilitate the recapitalisation. Permission to appeal was granted on targeted grounds to ensure scrutiny given the public interest and the centrality of valuation findings.

Citation
[2025] EWHC 369 (Ch)
Parties
Plan Company: Thames Water Utilities Holdings Ltd; Class a Plan Creditors: Group of Class A Plan Creditors; Supporting Bank Group: Supporting Bank Group; Class B Creditors: Group of Class B Creditors; Related Company: Thames Water Limited; Objector: Charlie Maynard MP
Jurisdiction
England and Wales
Judgment Date
18 February 2025
Procedural Posture
Restructuring Plan Sanction (companies Act 2006, Part 26 A) / Consequentials Hearing Following Main Judgment
Outcome
Plan sanctioned with directions for further submissions on information rights wording; permission to appeal granted on specified grounds.
Legal Topics
Restructuring Plan, Information Rights, Creditor Releases, Permission to Appeal, Procedural Fairness
Insolvency Company Law Restructuring Plan Information Rights Creditor Releases Permission to Appeal Procedural Fairness

Case Brief

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Parties

Thames Water Utilities Holdings Ltd

Plan Company

Group of Class A Plan Creditors

Class a Plan Creditors

Supporting Bank Group

Supporting Bank Group

Group of Class B Creditors

Class B Creditors

Thames Water Limited

Related Company

Charlie Maynard MP

Objector

Procedural Posture

Restructuring Plan Sanction (companies Act 2006, Part 26 A) / Consequentials Hearing Following Main Judgment

Legal Issues

  1. 1 Whether the proposed information rights for certain creditors are adequate under the plan
  2. 2 Whether the scope of creditor releases is appropriate and lawful
  3. 3 Whether permission to appeal should be granted and on what grounds

Ratio Decidendi

The court sanctioned the plan, holding that the proposed information rights and releases, as amended, are sufficient and do not prevent approval. The releases are not so broad as to exclude legitimate officeholder claims, and the balance of fairness supports approval to facilitate the recapitalisation. Permission to appeal was granted on targeted grounds to ensure scrutiny given the public interest and the centrality of valuation findings.

Court Disposition

Plan sanctioned with directions for further submissions on information rights wording; permission to appeal granted on specified grounds.

Orders

  • Class B AHG given 48 hours to respond in writing on information rights wording; Plan Company and Class A AHG given 24 hours to respond thereafter.
  • Plan to be approved in its existing form unless further modification is ordered after submissions.