Thames Water’s Crucial Rescue Loan Approved by UK Judge (2)

Cash-strapped Thames Water bought itself some more time to reorganize its debts after a London judge approved an emergency loan worth as much as £3 billion ($3.8 billion).

The plan will see the money come from a number of Thames’ existing senior creditors, including investment firms Elliott Management, Silver Point and Pimco. The loan comes weeks before Thames, the UK’s largest water and sewer company, was due to run out of cash and gives some much needed breathing space for it to negotiate a major restructuring with its lenders.

At a court hearing earlier this month approval of ...