Utilities firm says 75% of class A bondholders back emergency package aimed at staving off collapse

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Thames Water has gained support from its top-ranking creditors to proceed to the next stage of securing a £3bn emergency funding package intended to stave off its collapse for at least a year.

The struggling utility company said on Wednesday that 75% of the holders of its least risky loans – known as class A debt – had backed a plan to extend the cash lifeline, the minimum threshold to needed to receive court approval for changes to its debts.