(Bloomberg) -- Bank of America Corp. and JPMorgan Chase & Co. have hired lawyers from Simpson Thacher to advise them on their exposure to troubled UK utility Thames Water, Sky News reported Sunday.
The two Wall Street banks hold swaps in Thames Water but their exposure to the struggling company was unclear, Sky cited people familiar with the matter as saying.
JP Morgan declined to comment to Sky, while Bank of America didn’t respond to the media outlet’s request for comment.
Thames Water is currently seeking emergency funding to avoid an imminent liquidity crunch and buy time to restructure more than £15 billion of outstanding debt.
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