"London & Valley Water, a consortium of large financial institutions and investors, has submitted proposals which include writing off about a third of the company's near 20bn debt pile and investing to improve services. The future of Thames has been in the balance since fears the company could collapse first emerged more than two years ago. But the firm's investors said its plan would rebuild the company without the need for any taxpayer funding or government support."
"The company serves about a quarter of the UK's population, mostly across London and parts of southern England, and employs 8,000 people. But it has faced heavy criticism over its performance in recent years over a series of sewage discharges and pipe leaks. In May, it was handed a 122.7m fine, the biggest ever issued by the water industry regulator, for breaching rules on sewage spills and shareholder payouts."
Lenders to Thames Water have submitted a rescue plan proposing to write off about a third of the company's near £20bn debt and invest to improve services. The plan is led by London & Valley Water, a consortium of major financial institutions and investors. Investors propose injecting £5.4bn to shore up finances, set against stretching but achievable performance targets. No dividends will be paid during the turnaround and new shareholders will not sell before March 2030. Outstanding fines will be paid. Thames serves about a quarter of the UK, employs 8,000 people, and has faced criticism for sewage spills, pipe leaks and a £122.7m regulator fine.
Read at www.bbc.com
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