US EditionThames Water crisis: Ministers line up administrator for utility giant
- Ministers have engaged FTI Consulting to provide guidance on emergency strategies, including a Special Administration Regime, in response to Thames Water’s ongoing financial challenges.
- Thames Water faces heavy debt near £20 billion and ongoing talks with lenders to inject about £5 billion capital and write off roughly £12 billion in value.
- The company serves 16 million customers, faces regulatory challenges, was fined a record £123 million this year, and struggles with bonus legitimacy for executives.
- Thames Water's recent accounts state there is "material uncertainty" over its ability to be solvently recapitalised, while the government is ready for all eventualities.
- If a private rescue fails, the Special Administration Regime would protect customers but likely involve taxpayer costs, though officials seek to avoid nationalisation.
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Thames Water faces bankruptcy - and Labour only has itself to blame
Thames Water are being prepared for possible administration, according to explosive new reports. Sky News have reported that environment secretary Steve Reed has approved the appointment of FTI Consulting. The firm could be set to act as the administrator for Thames Water, who risk being placed into a Special Administration Regime (SAR). In response to the reports, a government spokesperson said: The company remains financially stable, but we ha…
·United Kingdom
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Oxford Mail+5 Reposted by 5 other sources
Administrators lined up for troubled Thames Water
Insolvency practitioners are being lined up to step in if Thames Water collapses, it is being reported.
·Oxford, United Kingdom
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Coverage Details
Total News Sources23
Leaning Left4Leaning Right2Center7Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 31%
C 54%
15%
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