The Court of Appeal upheld an emergency rescue loan in the Times 3 billion pounds, in a decision published on Monday.
Refuse the court judges of the Court of Appeal call Among the environmental activists and a small group of the Times creditors after a three -day hearing last week.
Both groups argued that the costs of “eye water” for emergency loan are 3 billion pounds, at 9.75 % interest rates, were not in the public interest. They said that the status of the sick water company, which has an area of 19 billion pounds, to a temporary nationalization under the special management system will be more effective.
The decision in favor of the Times means that the company can continue to work for a sufficient period to try to restructure debt and collect the new investment.
Times Water, which includes 16 million customers and 8,000 employees, was about to collapse for several months.
The deal will give the company 1.5 billion pounds in cash from creditors, which have been released monthly, in addition to up to 1.5 billion pounds to see it through an appeal to try to increase bills by more than 35 % allowed By the industry organizer of England and Wales, or Fawat.
The Times Water argued in court that he would run out of money on March 24 if the emergency debt deal does not pass. It still has to collect billions of pounds from additional stocks to repair their long -term financial resources. The company said last week that it is considering many bids from the unveiled parties.
“We are pleased that the Court of Appeal has decisively rejected the appeal and has supported the strong Supreme Court’s decision to penalty the company’s plan. We are still focusing on setting the Times water on a more stable financial basis as we are looking for a long -term solution for our financial attainment. Today’s news shows more progress,” said Chris Weston, CEO of Times Water.
“The company’s plan will not affect customer bills, but it will provide a continuous investment in our network to repair pipelines, upgrade wastewater treatment, and maintain high -quality drinking water. We still see that the solution led by the market is in the interest of customers and taxpayers in the United Kingdom and the broader economy.”
The Supreme Court gave the Times for Water to move forward with the rescue plan in February, but Mr. Justice Lich said that the financing costs were “water”.
Charlie Mainard’s young woman, the liberal Democrat for Witney, on behalf of a group of environmental charitable institutions, appealed to a group of creditors last week.
The Court of Appeal will publish its reasons at a later time.
