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The company's financial manager in London said that the Times water is currently spending 15 million pounds per month on lawyers and other advisers, and the draft law may eventually lead to restructuring 200 million pounds.
Alastair Cochran revealed the draft law of huge fees on Tuesday during a decisive hearing of the Supreme Court, as it seeks the greatest benefit to water in Britain to obtain approval to obtain up to 3 billion pounds in loans from creditors to avoid an imminent cash crisis.
Kokran estimated that the total amount spent on advisers by the time when he ended the scheme LoanWhich includes American hedge funds such as Elliott Management, will be in the area of 100 million pounds to 120 million pounds.
Times water He said that the planned emergency loan is a senior creditist is a necessary bridge for a wider restructuring, which gives it time to raise the shares from new investors and re -negotiate its debts.
Without the loan, Themes Water says it will run out of money on March 24 and risk a collapse in the government Special management systemA form of temporary promotion. This process will allow services to continue to operate while freezing debt before the potential restructuring and selling business, or full nationalization.
Cocran said that the Times Water could spend another 90 million pounds on the fees before agreeing to a more comprehensive restructuring later this year, as the total bill increased to 210 million pounds.
He told the court that these fees numbers also included “reasonable costs” covered by the Times for creditors, but “the largest part of these drawings were our legal fees.” The Financial Times reported last year that the Times water had expected it You will spend 100 million pounds sterling On “Consultative Participation Costs” alone by September 2025.
Magic Circle Lawlaters provides advice to the Times water, while the Rothschild & Co investment is an operation aimed at increasing fairness. American law firm AKIN and Quinn Emanuel recommend groups of young competitors, competitors, respectively, respectively.
Class B-Class Class Classes, which includes Polus Capital Management, is looking to challenge the proposed loan from high creditors in the association, claiming that the tool was not considered the rival properly to obtain a loan at lower cost and with less restricted conditions.
Kokran also told the court that he expected the total interest bill in the tool to reach 800 million pounds to 900 million pounds next year, including the costs of the new loan of the “A” category. This proposed loan holds the annual interest rate of 9.75 percent, in addition to additional fees for lenders.
He denied that the THMES Water customers bear the additional costs of the new loan, saying that any costs are higher than those allowed by the allowed water regulator by its creditors or new stock investors.
The financing chief confirmed the figures while interrogating William Day, a lawyer who behaves with the liberal Democratic Representative Charlie Mainard, who has the court. It allows speaking For the public interest and the consumer interest. Mainard said in a written submission to the court, that about a third of the Times Water customers' bills have already gone towards the service debt service.
Mainard wrote that the “best and more just and fair session” will be to enter the Thames River into a special management.
Kokran said that the Times Water believes that “the best interests” of each of its customers and creditors to avoid a special administration, but added that the tool “will not do this at any cost.”
