Thames Water Creditors Pitch Improved Rescue Offer to Ofwat

Thames Water’s creditors have pitched an improved rescue offer for the troubled utility that includes a bigger equity injection and an increase in committed debt, according to a person with knowledge of the matter.

Creditors including Elliott Management Corp. and Silver Point Capital are offering to inject around £3.35 billion ($4.4 billion) of equity as part of a revised proposal to the water industry regulator Ofwat, the person said asking not to be identified as the deliberations are private. They have also proposed about £3.25 billion of committed new debt, an increase from the offer made in October.