Britain's Thames Water secured court approval for a 3 billion pound ($3.8 billion) debt lifeline on Tuesday, warding off the collapse and state rescue of the country's biggest water supplier.

Thames Water has won a crucial High Court battle to secure a £3bn rescue loan, staving off the prospect of the debt-laden company coming under government control. The UK's largest water and waste company was set to run out of cash by the end of March and would have likely been placed into temporary nationalisation to keep services running.

Thames Water was handed a £3 billion lifeline today after the High Court approved its plans for an emergency restructuring. In a lengthy ruling Mr Justice Leech said the stricken utility could press ahead with the scheme,