Thames Tries to Buy Time With £3 Billion Creditor Cash Raise (3)

Thames Water Utilities Ltd. unveiled a plan Friday seeking to raise up to £3 billion ($3.9 billion) from some of its creditors as it struggles to stave off insolvency while negotiating a lasting solution.

The UK’s largest water and sewage provider said it wants to borrow more money and extend existing debt due to mature next year. It also wants to access cash reserves to avoid running out of operating capital by early next year.

Without new funds and a restructuring of its debt load of around £16 billion, the utility would likely be temporarily nationalized. Existing investors want to ...