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The Latest Breaking News from Thames

Thames Water boss defends six-figure bonuses and pushes for steep bills hikes

Chris Weston’s comments come ahead of a crunch Ofwat decision next week on whether Thames Water can increase consumer bills by 59%

Evening Standard

Thames Water will run out of cash by March without £3bn emergency funding

Britain’s biggest water supplier reports 40% increase in pollution incidents, blaming a wet spring and summer

The Guardian - UK

Thames Water receives buyout offer from investment group Covalis Capital

The plans would see French water firm Suez brought in to help run the company while Covalis breaks Thames Water up into smaller chunks.

Evening Standard

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Investors line up ahead of Thames Water deadline for £3.3bn equity raise

Castle Water is said to be among those planning to put in potential bids for an equity cash injection into Thames Water.

Evening Standard

Which water companies are in financial trouble – and which paid out bonuses?

As regulators try to clamp down on water company bonuses, the PA news agency breaks down what is going on at each firm around the country.

Evening Standard

Water companies blocked from paying bonuses out of customer money

Regulator uses new powers to ensure investors pay at Thames, Yorkshire, and Dŵr Cymru Welsh Water

The Guardian - UK

Scandal-hit Thames Water blocked from paying 'undeserved' bonuses for top bosses from customers' money

Eight other water firms won’t be using customers’ funds to pay bonuses

Evening Standard

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Thames Water’s IT ‘falling apart’ and is hit by cyber-attacks, sources claim

Exclusive: Company relies on obsolete tech and there are troubling security gaps, Guardian investigation suggests

The Guardian - UK

Floods, explosions and asbestos: Thames Water faces potential problems on all fronts

Exclusive: Senior managers say they are forced to press ahead with orders for vital items without approval

The Guardian - UK

Thames Water supply ‘on knife-edge’ with £23bn repairs needed

Exclusive: Company has failed to tackle serious safety concerns or upgrade vital IT systems, Guardian investigation reveals

The Guardian - UK

Thames Water should explain its murky logic on fundraising

Transparency around this emergency process has been miserable as company looks for approval to borrow £3bn more

The Guardian - UK

Thames Water gains key support from creditors for £3bn funding lifeline

Utilities firm says 75% of class A bondholders back emergency package aimed at staving off collapse

The Guardian - UK

Thames Water board split over two competing deals to save it from insolvency

Split comes despite chair’s preference for deal from group including US hedge funds Elliott Partners and Silver Point plus others

The Guardian - UK

Thames Water is desperate for cash. But board should still exploit bondholder rivalry

Jostling for position before eventual debt-for-equity swap gives opportunity to fight for £3bn lifeline with least worst terms

The Guardian - UK

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The Independent UK

Thames Water creditors try to rally more investors for £1.5bn rescue funding

The water company’s lenders, including investment giants BlackRock, Abrdn and M&G, want more firms to take part in their rescue funding deal.

The Guardian - UK

Struggling Thames Water pushes for £3bn lifeline with cash due to run out in December

Fresh funds are ‘liquidity bridge’ to stabilise firm and give it time to secure long-term investment, says boss

Evening Standard

Thames Water reveals £3 billion emergency financing plan to keep it solvent until October 2025

Proposals could provide Thames with up to £3 billion of lifeline cash

Evening Standard

Thames Water launches plan to raise up to £3bn in emergency funding

The struggling utilities giant has put forward the deal amid continued efforts to restructure its significant debt pile.

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The Guardian - UK

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

Evening Standard

Credit agencies slash their ratings on Thames Water debt

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

The Guardian - UK

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’

Evening Standard

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

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