Thames Water Part 3, The Last Drops?

Welcome to the 155th Pari Passu Newsletter, 

Today, we have a very exciting edition: Part 3 of our Thames Water series, where we bring you up to the present day (early October 2025). Thames Water’s story has been anything but straightforward. In Part 2, we dove into the mechanics of the water company’s inflation-linked debt, an eight-year turnaround plan that was cut six years short, the water regulator’s increasing powers, the revamped Water Special Administration Regime (WSAR), and finally, the Kemble companies defaulting on their debt, which puts all eyes onto the Whole Business Securitisation. 

In Part 3, the heat is really turned up as Thames is under attack from multiple angles. This period is one of the most widely covered online, but thanks to 9fin, we are able to provide you with a depth of coverage that you’d struggle to find elsewhere. We dive deep into the Class A and Class B rivalry, the Price Review 2024 (PR24) final determination results, the Part 26A Restructuring Plan sanction hearings, and the rollercoaster that Thames Water has been on since. Let’s wrap up our incredible journey so far through one of the world’s most consequential and unique restructuring stories!

But first, see how 9fin helped create this deep dive

Despite hundreds of requests, I was always a bit hesitant to take on Thames, given the complexity of the situation and the sheer amount of information to process.

Having full access to 9fin was extremely helpful. You can see below how it works. After logging in, I have access to an Overview section where I can find a consolidated and chronological view of everything about Thames - from key news, to ratings updates, press releases, and most importantly, 9fin’s proprietary analysis, written by their team of experts. They also have a company page, which gives you loads of helpful info: what triggered the distress, a timeline with links to court docs, key stakeholders, and the cap table. Basically, everything you need to get up to speed in one place.

You can understand the challenge of compiling a story of such a complicated company, but being able to leverage the intel on 9fin was a massive help, I’m very confident we’re hitting every relevant fact.

Just like in your investing process, technologies like 9fin can help you save time and cut through the noise to find the details that really matter.

9fin is very kindly offering Pari Passu readers a 45-day free trial, 15 days longer than usual, to try their platform. Click below to learn more, and to access your free trial.

Even if you are not interested in their services now, I would check out their page as they have a lot of educational write-ups.

Huge thank you to 9fin for sponsoring the Pari Passu Newsletter!

Section Preview

• Recaps of Part 1 & 2

• Gearing up for War

  • Class A vs Class B, October 2024 – Jan 2025

  • Battle of the Bridges 

• Part 26A Plan Proposal(s)

• PR24 Final Determinations

• The First Part 26A Restructuring Plan(s), Feb 2025 to April 2025

  • The No Worse Off test

  • Court Discretion – Distribution of Benefits of the Plan

  • Court Discretion – Public Interest

• The Fallout February 2025 to August 2025

  • Equity Raise and Annual Report

  • Thames is in a frenzy 

• The State of Play September  2025 – October 2025

  • The London & Valley Group

  • The Water Review

• Conclusion, For Now

Subscribe to Pari Passu Premium to read the rest.