Britain’s Thames Water seeks £2.4 billion more emergency funding
The utility, saddled with about £20 billion in debt, has been fighting for survival after years of inadequate investment in its ageing infrastructure.
Thames Water has announced it needs to raise its emergency funding to £5.4 billion, up from the current £5.4 billion, in order to remain operational until autumn 2027. The utility, which already has drawn £2.65 billion of its £3 billion lifeline, would exhaust its funds by year-end or early 2027 before its planned recapitalisation.
The London & Valley Water consortium, made up of senior creditors, is seeking a rescue deal with debt write-offs and equity investment. Proposed new directors for the rescue plan were named in August. The company will seek commitments to increase its emergency funding in stages over the coming months, allowing it to continue its capital programme and improve customer and environmental services.
A new subsidiary would lend the money, and creditors have until October 29 to vote on changes to the facility's rules and waive outstanding conditions to allow Thames Water to draw an additional £350 million.
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