Thames Water lenders plan board overhaul if rescue bid approved
Creditors – who collectively own about £17 billion of Thames Water’s debt mountain of over £20 billion – have already been sent back to the drawing board after…
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Summary
Creditors – who collectively own about £17 billion of Thames Water’s debt mountain of over £20 billion – have already been sent back to the drawing board after former environment secretary Emma Reynolds warned in June she did not believe their £10 billion plan for Thames Water went far enough to protect customers or the environment. Prime Minister Andy Burnham has already signalled he wants to bring in a 10-year plan to renationalise the water industry, saying reform is needed to put the public interest first. But the Government has said in the past it would prefer a “market solution” for Thames Water, which has around 16 million customers across London and the South East.
Furthermore, The consortium – including UK and US investment companies such as Elliott Management, Aberdeen Investments and American private capital firm Apollo Global Management – last month said they were looking at offering a “golden share” to the Government as part of a revised rescue deal. Former environment secretary Emma Reynolds (Maja Smiejkowska/PA) PA Wire The London Valley Water consortium is said to be hoping to secure agreement for its deal from regulator Ofwat and the Government this autumn, having recently warned it is set to run out of cash as soon as October. Former Yorkshire Water chief executive Liz Barber is among the first tranche of proposed non-executive directors unveiled by the London Valley Water consortium as it looks to secure Government backing for the deal.
In addition, A rescue plan by creditors is seen as the final realistic option to avoid Thames Water being placed into a special administration regime after a previous rescue deal with US private equity giant KKR collapsed in May last year.
Cross-referenced from 2 sources.
Factual coreconfirmed by several independent voices
Creditors – who collectively own about £17 billion of Thames Water’s debt mountain of over £20 billion – have already been sent back to the drawing board after former environment secretary Emma Reynolds warned in June she did not believe their £10 billion plan for Thames Water went far enough to protect customers or the environment.
reliability low1/2 sourcesPrime Minister Andy Burnham has already signalled he wants to bring in a 10-year plan to renationalise the water industry, saying reform is needed to put the public interest first.
reliability low1/2 sourcesBut the Government has said in the past it would prefer a “market solution” for Thames Water, which has around 16 million customers across London and the South East.
reliability low1/2 sourcesThe consortium – including UK and US investment companies such as Elliott Management, Aberdeen Investments and American private capital firm Apollo Global Management – last month said they were looking at offering a “golden share” to the Government as part of a revised rescue deal.
reliability low1/2 sourcesFormer environment secretary Emma Reynolds (Maja Smiejkowska/PA) PA Wire The London Valley Water consortium is said to be hoping to secure agreement for its deal from regulator Ofwat and the Government this autumn, having recently warned it is set to run out of cash as soon as October.
reliability low1/2 sourcesFormer Yorkshire Water chief executive Liz Barber is among the first tranche of proposed non-executive directors unveiled by the London Valley Water consortium as it looks to secure Government backing for the deal.
reliability low1/2 sourcesA rescue plan by creditors is seen as the final realistic option to avoid Thames Water being placed into a special administration regime after a previous rescue deal with US private equity giant KKR collapsed in May last year.
reliability low1/2 sources
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