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| Thames Water: Challenge to £3bn rescue deal dismissed | Thames Water: Challenge to £3bn rescue deal dismissed |
| (31 minutes later) | |
| A £3bn rescue loan for Thames Water is set to go ahead after an appeal against the deal was dismissed. | |
| The troubled firm secured the rescue loan in February, to stave off the prospect of the debt-laden company coming under government control. | The troubled firm secured the rescue loan in February, to stave off the prospect of the debt-laden company coming under government control. |
| But a small group of lenders had argued against the terms of the deal, while Liberal Democrat MP Charlie Maynard had argued that extra lending was not in the public interest. | But a small group of lenders had argued against the terms of the deal, while Liberal Democrat MP Charlie Maynard had argued that extra lending was not in the public interest. |
| This extra funding allows Thames to continue operating for at least another 12 months giving it time to restructure its nearly £20bn in debt and try to attract new investment. | This extra funding allows Thames to continue operating for at least another 12 months giving it time to restructure its nearly £20bn in debt and try to attract new investment. |
| The reasons for the Court of Appeal's decision are yet to be released. | The reasons for the Court of Appeal's decision are yet to be released. |
| The BBC understands that Mr Maynard is still considering whether to appeal against this latest ruling to the Supreme Court. | The BBC understands that Mr Maynard is still considering whether to appeal against this latest ruling to the Supreme Court. |
| Thames Water's chief executive Chris Weston said he was "pleased" with the decision. | |
| "We remain focused on putting Thames Water onto a more stable financial foundation as we seek a long-term solution to our financial resilience," he said, adding that the firm's "turnaround plan" can continue. | |
| He added the initial tranche of £1.5bn would be provided in instalments over the coming months. |