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The Guardian - UK
The Guardian - UK
Business
Jasper Jolly and Anna Isaac

Thames Water creditors offer up £5bn as part of emergency turnaround plan

Two Thames Water vans at a road junction
Creditors have requested that Ofwat set Thames Water lower environmental standards so it does not amass fines that would create a ‘doom loop’ for the company. Photograph: Tolga Akmen/EPA

Lenders to Thames Water have said they will provide £5bn in funding to the struggling utility, in an emergency turnaround plan that has quickly raised concerns from the water regulator, Ofwat, over potentially inadequate losses for debt holders.

The group of existing senior creditors to Thames Water, a band of more than 100 financial institutions, said their plan would inject £3bn of equity and another £2.25bn of debt.

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