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The Latest Breaking News from Thames

Thames Water still in ‘crisis mode’ as turnaround set to take a decade

The UK’s largest water supplier also revealed a sharp increase in pollution incidents over the past year.

Evening Standard

FTSE 100 share index hits 9,000 points for the first time; US inflation rate rises to 2.7% – as it happened

London stock market hits new peak, Thames Water reports £1.6bn loss, and Rachel Reeves outlines ‘Leeds reforms’ for financial services

The Guardian - UK

Thames Water announces hosepipe ban as dry weather depletes reservoirs

Restrictions to come into effect in Gloucestershire, Oxfordshire, Berkshire and Wiltshire from 22 July

The Guardian - UK

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Thames Water spent £136m on securing emergency funding, leaked document suggests

‘Atypical expenditure’ document suggests utility’s costs over 12 months outstripped the £130m it paid in fines

The Guardian - UK

Thames Water Under Fire After Emergency Loan Was Given As 'Extravagant' £2.5m Bonuses

Thames Water used funds from an emergency loan to pay £2.46 million in bonuses to 21 managers, despite the loan being intended to keep the troubled company afloat.

International Business Times UK

Thames Water refuses to claw back bonuses paid using £3bn emergency loan

Money was paid out from loan meant to stabilise firm’s finances weeks before it paused retention payments plan

The Guardian - UK

Macquarie digs deeper for redemption at Southern Water. There was no alternative

Infamous former owner of Thames Water coughs up more capital in bid to turn around badly performing utility

The Guardian - UK

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What would happen if Thames Water is temporarily renationalised?

The government could put the struggling utility into a special administration regime – but what does this involve?

The Guardian - UK

Thames Water court case shows there are alternatives to massive infrastructure

It is what we might call the HS2 fallacy: new reservoirs as tall as high-rise buildings that boost water companies’ assets

The Guardian - UK

Thames Water lenders demand government effectively block campaigners from legal action

Creditors owed £13bn say ministers should prioritise ‘environmental betterment over punitive enforcement’

The Guardian - UK

Put Thames Water into temporary state control, ‘junior’ creditors will argue

£5bn rescue plan would set ‘troubling precedent’, bondholders who face losing all of their money will say

The Guardian - UK

Thames Water lenders offer £17 billion rescue deal in return for looser rules

The deal would also see “several billion” pounds’ worth of debt written off

The Independent UK

Thames Water’s creditors are being too greedy

If group of lenders has any prospect of getting its proposal to fly, some of its big numbers will have to look very different

The Guardian - UK

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

Regulator Ofwat concerned that plans do not write off enough debt to secure investment-grade credit rating

The Guardian - UK

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Evening Standard

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.

The Guardian - UK

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

Evening Standard

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.

The Guardian - UK

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

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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 Independent 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...

Evening Standard

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 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.

The Independent UK

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

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

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