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The Latest Breaking News from Thames Water

Southern Water’s debt downgraded to junk status by Moody’s

Company close to technical default on some of its debt, underlining UK industry’s precarious state

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

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Thames Water rescue deal reaches ‘important milestone’ in creditor backing

The heavily indebted utility company has agreed a deal for £3 billion in extra funding, but it needed 75% of its senior creditors to agree to it.

Evening Standard

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

Hidden London: Crossness Pumping Station, the cathedral of sewage

Sir Joseph Bazalgette was the Willy Wonka of this particular chocolate factory, explains Steven Elliot James

Evening Standard

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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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 Independent UK

Thames Water: Why does the struggling water firm need emergency funding?

Thames Water has said it is seeking up to £3 billion in emergency loans in order to stay afloat until at least October next year.

Evening Standard

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

The Guardian - UK

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.

Evening Standard

New commission may ban English water companies from making a profit

Defra body, created to overhaul system amid public fury, may force firms to be run for public good rather than shareholder returns

The Guardian - UK

New Water Commission must create an environmental enforcer that is feared

The current division of responsibilities between Ofwat, the Environment Agency and Drinking Water Inspectorate hasn’t worked

The Guardian - UK

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Evening Standard

Water regulator Ofwat could be abolished over sewage scandal as firms push for bill hikes of up to 84%

Thames Water has asked to hike bills by 54%

The Guardian - UK

Rail, water, energy: the big projects likely to be in Rachel Reeves’ budget

Chancellor expected to promote range of infrastructure plans to boost economy, including reviving parts of HS2

Evening Standard

Water companies ask to raise bills by even more than first planned

Southern Water, Thames Water and others demanded steeper increases than set out earlier this year despite regulator Ofwat trying to reduce rises.

The Independent UK

Water companies push for higher bills again as customers face up to 84% hike

Utilities including beleaguered Thames Water have applied to the regulator, Ofwat, to hike tariffs so they can upgrade their networks

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Evening Standard

Thames Water fined £67k for 'unsafe' central London works

Utilities giant ordered to pay out after ‘unsafe’ works left members of public ‘at risk’

The Guardian - UK

Water companies raise bonuses to £9.1m despite record sewage discharges

Third of total comprises bonuses at Severn Trent as indebted Thames nearly doubles payouts to executives

The Guardian - UK

Water firms ‘laying groundwork’ to appeal against Ofwat bill rise cap, says Moody’s

Credit rating agency expects English and Welsh companies to challenge regulator’s ruling with CMA watchdog

Evening Standard

Super sewer: Thames Water customers will pay £25 annual levy for another two decades to fund £4.5bn project

Seven new riverside piers, cycle superhighway reinstated - but tunnel boss won’t be swimming in the Thames, despite Sadiq Khan’s vision

Evening Standard

London's new £4.5bn super sewer opens, but will it clean the Thames?

Four of the tunnel’s 21 sites have now opened, kicking off the Thames’ clean-up operation

The Guardian - UK

‘They are ruining my life’: how the shadowy world of debt collection can wreck your finances

A stranger’s bill can be passed, in your name, down a chain of companies until it reaches the courts without you knowing anything about it. The result can be catastrophic

Evening Standard

Thames clean-up under way as London’s £4.5bn super sewer opens with filthy spills already being stopped

The first valves at four of a total of 21 sites, which operate like giant gates, have opened along the seven metre-wide tunnel

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