(Reuters) -U.S. investment firms Silver Point Capital and Elliott Management are formulating a 10-billion-pound-plus ($13.53 billion) rescue package for Britain’s Thames Water, Bloomberg News reported on Friday, citing people familiar with the matter.

The deal will comprise a major debt overhaul, including a multi-billion-pound haircut for senior creditors, in addition to reductions already expected for junior Class B bonds, loans and around 3 billion pounds in holding company debt, the report said.

The rescue package will provide an equity boost of between 3 billion pounds and 4 billion pounds to stabilize the utility’s finances, according to the report.

“The Creditors have submitted a detailed long-term turnaround plan that will fix the root causes of Thames Water’s problems, restore

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