Barristers for Liberal Democrat MP Charlie Maynard previously told the court the company should be put into special administration.
Charlie Maynard, the Liberal Democrat MP for Witney, has announced his intention to appeal against the High Court's approval of Thames Water's £3 billion restructuring plan. Maynard argues that the plan, which involves a £1.5 billion loan with a 9.75% interest rate and potential further funding, is not in the best interest of customers. He claims the funds should be used for infrastructure improvements and environmental cleanup rather than debt repayment. Maynard advocates for placing the company into special administration to address its financial instability. Thames Water, serving 16 million customers, is in £16 billion of debt and requires £3.3 billion over five years. The court approved the plan, supported by creditors holding 75% of Class A debt, with the judge favoring a market-led restructuring before potential government intervention. The company has faced public criticism over pollution, high bills, and executive pay.
