Bidders are calling for Thames Water’s creditors to accept steep losses before rescuers provide new equity
Some of the potential buyers may want the company to enter a form of temporary nationalisation called a special administration regime to reduce its debt pile and replace its current management,Placing Thames Water under a SAR would protect the firm as a key public interest and protect it from the
A blueprint codenamed Project Timber has been drawn up in Whitehall, which could see the company effectively nationalised under the SAR contingency plan. The Government has also approached several possible administrators, according to reports. “It is implausible that the government would accept a scenario where creditors get badly burnt in a SAR,” an unamed creditor told“These are the very same investors they will need to help fund their big infrastructure projects and the Treasury has to be careful not to spook the debt markets with a wrong move on Thames.”Last month, regulator Ofwat allowed Thames Water to hike consumer bills by 35 per cent by 2030.
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