Thames Water has applied to a judge to approve its plans to secure a £3billion cash loan to stop it going into administration.
Britain's biggest water company could run out of money in just six weeks, the High Court has been told.
The company has had financial difficulties for around 18 months - and has been engulfed in controversy over discharging sewage pollution into rivers. Thames Water has been struggling for some time and has been heavily criticised over its performance following a series of sewage discharges and leaks Mr Smith previously told the court that the group’s finances had ‘deteriorated’ because of several factors, including operating ‘with the oldest water pipes, on average, in the country’ and ‘operating in an area where a larger proportion of properties have a basement’ which means extra work for Thames in dealing with flooding.
Thames Water, which has 8,000 employees, is in about £16billion of debt and needs £3.3billion over the next five years to keep running
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