Thames Water

Paul Singer is founder of a leading creditor in the hedge fund consortium locked in talks with the UK governmentA billionaire Donald Trump donor could make millions from a deal being struck between the government and Thames Water.The UK’s largest water company, ministers and creditors are locked in a stalemate as they try to agree a rescue deal to stave off Thames’s collapse. The water company built up a £17.6bn debt pile in the decades after its privatisation. Continue reading...

Exclusive: Potential investors fear Andy Burnham could push to bring utility companies into public ownershipA rescue deal for Thames Water is under threat because of a potential change in prime minister, government insiders have said.Ministers are negotiating a takeover deal for the stricken water company with a consortium of creditors led by American investment firm Elliott Management. Continue reading...

Comments come after Andy Burnham says he would renationalise water and other businesses as PMInvestors in Thames Water have told the Labour government that a temporary nationalisation of the embattled company would slow its turnaround, after calls from Andy Burnham to put key utilities under public control.As Keir Starmer’s grip on power appeared to be fading, the Greater Manchester mayor suggested at the weekend that the renationalisation of water and energy would form part of his policy agenda should he become prime minister. Continue reading...

Offer reportedly put forward by creditors hoping to save struggling firm from being renationalised temporarilyThames Water is said to be close to a deal with its regulator that would allow the company to avoid new fines for four years, as long as it commits to investing in the business.The controversial offer, reported by the Financial Times, has been put forward by creditors who are hoping to save the struggling utility from being temporarily renationalised. Continue reading...

Latest effort involves paying off fines worth hundreds of millions of pounds as part of bid to stave off financial collapseBusiness live – latest updatesThames Water’s lenders have put forward a £10bn rescue plan that would involve paying off the troubled water company’s hundreds of millions of pounds-worth of fines for leaks and pollution, as part of an effort to stave off financial collapse.A group of private equity firms and investment groups said they would inject about £3.35bn of cash into Thames Water and raise £6.65bn in debt, in exchange for the company not falling into a government-handled administration, effectively a temporary nationalisation. Continue reading...