(Reuters) -Thames Water, Britain’s embattled water supplier, said on Wednesday 98.78% of creditors voted in favour of the second consent request for its debt restructuring proposals.
The company will now commence the drawing process for the second tranche of super senior funding, it said.
Thames Water has been battling against a financial collapse since last year and recently appointed KKR to help it raise new equity.
It had to seek permission from its creditors to draw down the second tranche of funding to be provided in May.
The Second Consent Requests was approved by 94.58% of Super Senior Issuer Secured Credit Participations. The total consent rate, which includes deemed consent, was 98.78%.
(Reporting by Yamini Kalia in Bengaluru; Editing by Krishna Chandra Eluri)
