A good 20 months have passed since the shareholders of Thames Water declared they wouldn’t be putting another penny into the “uninvestable” company and would rather take a thumping write-off of their investment.
So surely, you’d think, we must be nearing the endgame in the attempt by the creditors – the people who lent money to Thames – to rescue the company via a debt write-down and a recapitalisation with new equity. After all, the 100-odd class A bondholders have been negotiating with Ofwat, the regulator, since June. Indeed, they started work on their proposal six months before that, in case the original preferred bidder, the US private equity group KKR, took fright at the political heat on Thames, which is what happened.
