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Thames Water creditors ready revised rescue plan, Bloomberg News reports
The plan would raise equity to about £3.5 billion and set aside another £200 million for penalties, Bloomberg reported.
- Bloomberg News reported on Wednesday that Thames Water creditors, known as London & Valley Water, are preparing a revised rescue deal to avoid special administration.
- Supplying water to London and parts of England, Thames Water faces a debt mountain of around £20 billion and previously warned it only has enough money until year end.
- The new proposal would increase the debt writedown to around 35%, include about £3.5 billion in equity, and set aside at least £200 million for performance-related penalties.
- Last week, MPs on the Commons' Environment, Food and Rural Affairs Committee warned that takeover plans do not have "the interests of the public, the company or the environment at heart," describing the situation as a "doom loop."
- On Friday, the Prime Minister promised to "lay out a programme for reform," criticizing privately owned water firms as "a very poor system" ahead of the Labour Party conference.
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Thames Water creditors ready revised rescue plan, Bloomberg News reports
Thames Water's creditors are preparing a revised rescue deal that would include deeper debt writedowns and additional equity investment to prevent the government from taking temporary control of the troubled utility, Bloomberg News reported on Wednesday.
·London, United Kingdom
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Coverage Details
Total News Sources8
Leaning Left0Leaning Right0Center6Last UpdatedBias Distribution100% Center
Bias Distribution
- 100% of the sources are Center
100% Center
C 100%
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