Aug 11, 2026 · 29 min · 9 segments
A Spanish auto supplier quietly filed for insolvency without telling its bondholders. A UK utility is dangling a golden share at the government to fend off nationalization. Two of the messier…
Katie McMahonHost
Phoebe AppentengHost
Rob SchachGuest
We're talking about a 20 billion cap stack, so a very chunky credit to watch for sure, but its crisis was triggered in the summer of 2023.
And it led to, like, a broader restructuring plan in two stages, which was Restructuring Plan 1, Restructuring Plan 2, of which the first restructuring plan was sanctioned by the court last year, actually.
And that allowed, uh, Thames Water and its stakeholders to recapitalize the balance sheet, inject new equity, and restore some financial stability.
But this year has been pretty much defined by the pursuit of the second restructuring plan, and it hasn't been cheap.
I don't know who's gonna pay for it, however, I think The FT reported that they could be looking north of 740 million in restructuring costs alone under some kind of predator plan when it's all said and done.
740 million, and that's bigger than the size of the capital structures of most of the companies that we cover here at Octopus-
We're talking about a 20 billion cap stack, so a very chunky credit to watch for sure, but its crisis was triggered in the summer of 2023.
And it led to, like, a broader restructuring plan in two stages, which was Restructuring Plan 1, Restructuring Plan 2, of which the first restructuring plan was sanctioned by the court last year, actually.
And that allowed, uh, Thames Water and its stakeholders to recapitalize the balance sheet, inject new equity, and restore some financial stability.
But this year has been pretty much defined by the pursuit of the second restructuring plan, and it hasn't been cheap.
I don't know who's gonna pay for it, however, I think The FT reported that they could be looking north of 740 million in restructuring costs alone under some kind of predator plan when it's all said and done.
740 million, and that's bigger than the size of the capital structures of most of the companies that we cover here at Octopus-
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