Thames Water may have less than £500m in usable cash despite £1.5bn in emergency debt, court told

Struggling firm's resources to be depleted due to expensive fees and interest costs in restructuring deal

Struggling Thames Water may gain less than 500m in usable cash while taking on 1.5bn in emergency debt because of expensive fees and interest costs, a Londonhigh court has heard.

Thames Water is seeking approval from the court for a restructuring deal with existing creditors that would provide 1.5bn in immediate financing, potentially rising to 3bn, to stave off collapse by the end of March.