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The Latest Breaking News from Thames

Calls for failing English water firms to be taken over using special administration

Government urged to use power to control companies such as Thames Water and reform the industry

The Guardian - UK

Thames Water could be blocked from new debt financing next week

Troubled firm has until 7 October to agree to extension, according to holding company accounts

The Guardian - UK

Thames Water credit ratings slashed to lower levels of junk as default fears grow

S&P and Moody’s cut ratings by five notches on risk troubled company will run out of cash

The Guardian - UK

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Credit agencies slash their ratings on Thames Water debt

The move drags £16 billion of Thames Water debt even deeper into junk territory

Evening Standard

Thames Water warns its cash may run out as soon as December

Creditors may ease repayment terms to safeguard their current loans as troubled utility fights for survival

The Guardian - UK

Thames Water trying to stay afloat by rewriting loan deals, says source

Firm in £15bn debt books November high court dates in effort to extend ‘liquidity runway’

The Guardian - UK

Safety concern as Greenway cycle route in east London is closed for 18 months

Campaigners say Thames Water should have given time for diversion route to be made car-free

Evening Standard

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Elliott, unlike Thames Water’s board, sees the inevitability of debt writedowns

Hedge fund’s reported purchase of £1bn of bonds at a big discount suggests growing realism about company’s future

The Guardian - UK

Thames Water lobbied Whitehall to press Ofwat on allowing higher bills

Exclusive: Debt-ridden company also warned officials of ‘chilling effect’ of any renationalisation

The Guardian - UK

Thames Water’s ‘difficult choices’ must include pain for bondholders

Customers know bills have to rise, but shareholders should also pay, as they would at a conventional company that overextended itself

The Guardian - UK

Thames Water says without steep bill increase it’s ‘neither financeable nor investible’

Debt-laden company tells Ofwat if it cannot charge customers 59% more, it ‘would prevent company turnaround and recovery’

The Guardian - UK

Thames Water proposes huge new bills hike

The average bill over the five-year period from 2025 to 2030 would be £638 under the proposal

The Independent UK

Canadian export agency ‘nursing losses’ after lending $1bn to Thames Water

State-backed body EDC has reportedly sold at deep discount five loans made to debt-ridden UK utility

The Guardian - UK

Thames Water barred from billing customers for pension shortfall

Company faces scramble for funds after Ofwat says deficit is for managers and shareholders alone to deal with

The Guardian - UK

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The Independent UK

Mapped: Sewage in English rivers as water companies face £168m in combined fines

Campaigners have welcomed the proposed fines but warned the penalties highlight the ‘sheer state of disrepair’ of the water and sewage industry

The Guardian - UK

Thames Water breaches licence as part of its debt downgraded to junk

Move by ratings company Moody’s puts Thames in breach its operating licence but Ofwat likely to hold off on large fine

The Guardian - UK

Thames Water hit with £39m of penalties after missing regulatory targets

Performance report shows debt-laden company missed 21 targets in areas from pollution to supply interruption

The Guardian - UK

Friday briefing: What the crisis at Thames Water means for customers

In today’s newsletter: The UK’s biggest water company has faced fierce criticism after presiding over rising water bills and a sewage crisis – and now customers are facing a 22% increase in bills

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The Guardian - UK

Ofwat accused of showing ‘contempt’ to customers over water bill price rises

Politicians and campaigners condemn charging proposals, as regulator puts Thames Water into special measures

The Guardian - UK

Thames Water placed in special measures due to ‘significant issues’

Ofwat says UK’s biggest water company will come under extra scrutiny as it faces prospect of restructuring or temporary renationalisation

The Guardian - UK

Rise of £94 in water bills over five years is ‘bitter pill’, says chancellor

Customers in England and Wales to pay an extra £19 each year on average as firms raise money to tackle sewage and leaky pipes

Evening Standard

Thames Water bills to shoot up by almost £100 over the next five years

The company has warned that it could run out of money by next May if it is not allowed to put up bills by 59%

The Guardian - UK

Thames Water fails to complete 108 upgrades to ageing sewage works

Exclusive: Fears customers will end up paying twice for work needed in order to comply with legal pollution limits

The Guardian - UK

Cheap sales, debt and foreign takeovers: how privatisation changed the water industry

Familiar concerns over bosses’ pay, prices and borrowing emerged in the utilities’ early years in private hands, with UK dubbed the ‘dirty man of Europe’

Evening Standard

Thames Water blames climate change after sewage discharge into rivers doubles

Firm under fire as it admits huge increase in pollution as it pushes for 59 per cent bill hike and pays out £195million to shareholders

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