Two rival groups of existing creditors - one representing the A class of bondholders, the other the junior Bs - have tabled proposals to provide the company with a "liquidity runway", meaning emergency cash to get it through the next year or so.
At some point in that period, it is hoped, Thames would set about the more fundamental task of imposing losses on those same debtholders to clear the decks for new shareholders to inject capital. None of this is straightforward and some of today's bondholders will probably also be tomorrow's shareholders, assuming a debt-for-equity swap is possible. And "runway" is probably the wrong metaphor. We're really talking about a sticking plaster before the main surgery on the balance sheet can begin.
But the price and design of that sticking plaster matters. It is why the board of Thames would be unwise to wed itself too tightly to the proposal it announced 11 days ago. That was from the As, who are clearly in the lead at this point and yesterday tried to rally other creditors around their plan.
この記事は The Guardian の November 05, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は The Guardian の November 05, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Lopetegui's job on the line if West Ham lose to Everton
West Ham will review Julen Lopetegui's position if they lose at home to Everton on Saturday.
Ancelotti rallies Madrid as limp defeats rattle fans
Milan loss serves as a sharp wake-up call for listless team, with Jude Bellingham and Kylian Mbappé struggling
Calhanoglu spot-on as Arsenal fall to handball
Mikel Arteta's problems keep on mounting. In the week that they were rocked by the surprise resignation of sporting director Edu, Arsenal surrendered their unbeaten record in the Champions League after Hakan Calhanoglu kept up his record of never having missed a penalty for Inter to score the only goal of a tightly contested game.
Mings hands Brugge win as bizarre penalty proves costly for Villa
There was hardly a murmur as Emiliano Martinez took a short goal-kick five minutes into the second half and then, a few seconds later, huge cheers from those decked out in Club Brugge blue and black as the ramifications of Tyrone Mings's brain freeze dawned on them.
Liverpool ace tricky early tests under Slot
After demolishing an excellent Leverkusen side, Reds look like the real deal domestically and in Europe
Onana insists United will 'step up' for arrival of Amorim
André Onana has backed his Manchester United teammates to \"step up\" and adapt to Rúben Amorim's style after watching Sporting defeat Manchester City 4-1 in the Champions League.
Manchester City told to pay most of £11m wages owed to Mendy
Manchester City must pay their former defender Benjamin Mendy the majority of £11m in wages deducted from his pay packet when he was on rape and sexual assault charges, of which he was later acquitted, an employment tribunal has ruled.
Is this really all about Rodri? The reasons behind City's slump
Injuries have played a part in a run of three straight defeats for Guardiola's side but so have some surprising tactics
'You don't want people to think you are arrogant'
Rassie Erasmus believes his South Africa side are too often tarred as villains of the piece and deserve more love
Khelif to take legal action over leaks
Imane Khelif, the boxer who won Olympic gold amid a gender eligibility row, is taking legal action over media reports allegedly detailing her leaked medical records, the International Olympic Committee has said.
