Thames Water is currently undergoing a complex restructuring process due to its financial challenges.

A new group has been formed by the banks that have derivative agreements with the utility company.

These banks have engaged advisors from Simpson Thatcher & Bartlett LLP to facilitate discussions, indicating a strategic move to address their specific interests.

The liabilities from the swap contracts entered into by Thames Water with these banks are estimated to be around £1.3 billion ($1.7 billion) as of March.

This development adds further complexity to Thames Water's ongoing negotiations with its creditors as it tries to navigate its financial difficulties.