Same day as water commission interim report published - www.gov.uk/government/p.... Public sector purchase (nationalisation) of the companies has already been ruled out of the framework by the government, however:

Appeal hearing concluded today -- judge expects to give an indication as to an outcome sometime next week, with a formal judgement to follow after.

The junior creditors state Thames' plan would give Class A creditors various non-financial rights not extended to B group, including:
- information about any future restructuring, company financial position, relations with govt
- competitive advantage in that process
- influence over liquidity

[I'm keeping an eye and will try to post regular updates]

Class B barrister on being left out of A Group privileges: "If you're not sitting at the table, that is because you are lunch."

Class B / junior creditors are again up first, this time not proposing an alternative plan but arguing for special administration, where government appoints administrators to secure the company's social and financial functioning

Hearing begins after FT wrote this morning that Pimco had already recorded 17% paper profits on the lifeline funding.

Still going on competition concerns. At one point yesterday the A group's team argued the restructuring would not affect customers -- a bold claim given Thames is spending £15m a month on adviser fees to try and get this package through and wants to put up bills 59% over next 5 years

B group saying any future proposal put to courts under the class A plan would be 'pre-vetted' by the senior creditors and would prevent a competitive bidding process. The release condition was proposed by the A creditors and wasn't something Thames wanted, the Bs are arguing

The B creditors are discussing the competition implications of an element of the A plan known as the 'June Release Condition', which would give creditors more control over the company if it can't find anyone to inject new funds by the end of June

End result -- the hearing was extended another day and will resume today at 10.30am.
I'll be keeping an eye again and will try to update with developments from yesterday as well -- the audio quality hampered us a bit!

Tom Smith KC, representing Thames Water (and therefore the class A proposal) has been discussing points on the company's valuation with Justice Leech, while repeating dismissals of the Class B proposal as unrealistic

Representatives of the two opposing creditor groups are arguing on timelines for todays hearing and further dates (Thames has until the 18th to appeal to the CMA). The quality of the audio through the link is poor at the moment unfortunately

Proceedings at London's Royal Courts of Justice are due to begin at 10am! Both the main court and the largely press-packed overflow room are filling up.