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Barclays customers are experiencing a third day of service disruptions due to an IT issue that began on Friday, affecting online and mobile banking. The bank has acknowledged outdated balances and missing payments, assuring customers that no one will be left out of pocket and that ATMs remain operational. Barclays is working to resolve the problem and has extended call center hours to assist affected customers.
Walgreens Boots is in talks for a sale to Sycamore Partners, while Domino’s bids for Wingston’s UK franchise. In a significant move, a federal judge blocked Kroger's $24.6bn merger with Albertsons, favoring antitrust regulators. Meanwhile, Evergrande's liquidation efforts face challenges as its assets are primarily in mainland China, complicating recovery for investors.
Thames Water's chief executive cautioned that breaking up the utility could distract from urgent issues like chronic leaks and sewage spills. The heavily indebted company recently received a bid from Covalis Capital, which proposes raising funds by selling assets before potentially floating the remaining business on the stock market.
France's Suez Group announced it will submit a non-binding joint offer for the troubled British utility Thames Water, partnering with investor Covalis Capital. This move highlights ongoing interest in the utility sector amid financial challenges faced by Thames Water.
Thames Water has appointed Julian Gething from AlixPartners as Chief Restructuring Officer to manage its debt restructuring efforts. The UK's largest water and sewage supplier aims to navigate its complex balance sheet recapitalization process and avoid temporary nationalization.
Ukraine has launched a military strike inside Russia using US-made long-range Atacms missiles for the first time, following the lifting of restrictions on their use. This significant escalation comes as Walmart reports better-than-expected third-quarter revenue, and Asian arms manufacturers experience a surge in defense stocks amid global rearmament efforts.
Thames Water has extended the deadline for potential investors to submit bids for £3.3 billion in new equity from November 28 to December 5. The utility is seeking more detailed plans from investors on how they intend to assist in its turnaround efforts.
Thames Water has secured vital backing from creditors to proceed with a £3 billion emergency funding plan. Over three-quarters of holders of its top-ranked Class A debt have agreed to the proposal, which includes an initial £1.5 billion tranche at an annual interest rate of 9.75%.
Thames Water is facing complex restructuring as a new group of banks, which entered into derivative agreements with the utility, has formed to negotiate separately. These swap liabilities are valued at approximately £1.3 billion ($1.7 billion) as of March. The banks have engaged advisors from Simpson Thatcher & Bartlett LLP to assist in these negotiations.
A group of creditors holding Thames Water’s riskiest debt is preparing to offer a loan of at least £1.5 billion ($1.9 billion) to help the struggling UK utility avoid insolvency. The financing proposal from the Class B securities holders includes an interest rate of approximately 8%, according to sources.
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