Southern Water is seeking debt relief from some of its creditors, it was reported on Wednesday, as its owner Macquarie Asset Management injected fresh capital into the struggling UK utility.
According to Bloomberg, which cited people familiar with the matter, the company had approached creditors holding riskier debt at the holding company level, asking them to accept losses on a portion of their £380m in outstanding loans.
However, creditors were apparently resisting the terms and pushing for better conditions.
The request came as part of a broader effort to stabilise Southern Water’s finances, which included £6.7bn in total net debt.
Bloomberg said the firm was raising £900m from shareholders to strengthen its balance sheet,…
