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The Latest Breaking News from Thames

Creditors table £17bn plan for Thames Water but call for regulatory leniency

The lenders in the utility are proposing to invest another £3 billion in new equity and £2 billion of funding, but also write off billions of debt.

Evening Standard

MPs ask minister if he will claw back Thames Water executive bonuses

Chair of troubled firm admits 21 senior managers were paid 50% of base salary on 30 April

The Guardian - UK

Water firms would be foolish to increase salaries to get around bonus ban – Reed

Six firms have been banned from paying bonuses to senior bosses under new rules that came into force on Friday.

Evening Standard

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Bonuses banned for 10 English water bosses over sewage pollution

Sanctions, including for Thames Water CEO, announced as part of new government powers under Water Act

The Guardian - UK

A race against time: what now for Thames Water after rescue deal collapses?

Huge group of creditors in scramble as prospect of temporary nationalisation looms large for troubled firm

The Guardian - UK

Hapless Thames Water is finally drinking in the last chance saloon

Can troubled UK utilities company find any willing suitors after KKR’s 11th-hour abandonment of £4bn bid?

The Guardian - UK

Voices: If the government wants to save Thames Water, it’s going to need to get its hands dirty

COMMENT: As the very public rescue deal for the ailing company collapses, James Moore warns that the government needs to get its hands dirty to clean up the water industry. This game of pass the buck isn’t doing anyone any favours...

The Independent UK

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OPINION - KKR can walk away from the Thames Water fiasco...the rest of us are stuck with it

Even the New York firm that takes on the toughest challenges balked at London’s water supplier

Evening Standard

Thames Water nationalisation ‘not the answer’ says minister after takeover rescue fails

Troubled utility has uncertain future after private equity giant pulls out of turnaround plan

The Independent UK

Thames Water rescue takeover collapses after private equity firm KKR drops out

The troubled utility is taking forward talks with ‘certain senior creditors’ on an alternative plan to recapitalise the business.

Evening Standard

US private equity firm KKR drops bid to buy troubled British utility Thames Water

British utility Thames Water says a U.S. investment firm has dropped a rescue bid for the debt-burdened company

The Independent UK

New York private equity giant KKR pulls out of Thames Water rescue

Thames Water boss says he is “disappointed” by KKR’s decision but will continue talks with creditors

Evening Standard

Bank of England governor warns Trump tariffs have ‘blown up’ global trade system – as it happened

Rolling coverage of the latest economic and financial news, as MPs quiz the Bank of England about interest rates, and trade wars

The Guardian - UK

Thames Water preferred bidder KKR pulls out of rescue deal

Future of troubled supplier in doubt as US private equity group says it cannot proceed with acquiring £4bn stake

The Guardian - UK

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The Independent UK

Thames Water fined record £123m over sewage breaches and dividend payments

Regulator Ofwat said Thames had ‘let down its customers and failed to protect the environment’ as it issued the water industry’s biggest ever fine.

The Guardian - UK

Thames Water hit with £123m of fines over sewage and dividend breaches

As Ofwat imposes record fine for environmental failing, minister says ‘era of profiting from failure is over’

The Guardian - UK

Thames Water boss ordered to tell MPs if executives received bonus payments

Chris Weston, boss of Britain’s biggest water company, faces questions over ‘paused’ executive bonus scheme

The Guardian - UK

Thames Water and Anglian Water face 53 criminal investigations over sewage

Firms among England and Wales suppliers facing record 81 investigations as sources say ‘polluter will pay’ for their cost

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The Guardian - UK

Thames Water’s arrogance over retention bonuses is breathtaking

Government and Ofwat unlikely to revive scheme handing out ‘very substantial’ payments for remaining on payroll

Evening Standard

Thames Water drops bonuses due for bosses after Government criticism

Environment Secretary Steve Reed confirmed the proposals had been dropped during an Environment, Food and Rural Affairs Committee session with MPs.

The Guardian - UK

Thames Water: big bonuses due from emergency £3bn loan ‘withdrawn’

Environment secretary makes announcement after company’s chair said he ‘may have misspoken’ to MPs

The Guardian - UK

Thames Water chair could face questions after comments to MPs on bonuses

Exclusive: Sir Adrian Montague told select committee paying bonuses out of emergency £3bn loan was insisted upon by creditors

The Guardian - UK

Ministers to block Thames Water paying bosses bonuses out of emergency loan

Exclusive: Firm close to insolvency says using £3bn loan to pay ‘substantial’ bonuses is vital to retain senior managers

The Guardian - UK

A torrent of special pleas from Thames Water

Company hopes to win big compromises from regulators to get its financial restructuring over the line

The Guardian - UK

Thames Water finances were ‘hair raising’, chair tells MPs

Adrian Montague also said some bosses in line for payouts of ‘50% of salary, very substantial bonuses’

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