Thames Water Investors Seek Talks With Burnham as Legal Plans Loom: Sky News
The investors hold £17 billion of Thames Water debt and are seeking a £10 billion rescue deal to avoid temporary public ownership.
- London & Valley Water , a consortium of investors, is preparing a legal challenge against Prime Minister Andy Burnham's new government if their rescue bid for Thames Water is rejected in favor of nationalization.
- Thames Water currently holds £18.5 billion in debt, up from £16.8 billion last year, while facing backlash for increasing senior manager bonuses to £4.1m and raising CEO Chris Weston's pay to £1.6m.
- To prepare for litigation, L&VW engaged Pallas Partners, which describes itself as an "elite litigation and disputes firm," to work alongside current legal advisors Akin Gump.
- Burnham previously expressed ambition for "public control" of water companies, while Environment Secretary Emma Reynolds questioned whether the proposal demonstrates "sufficient protection for consumers' interests."
- The L&VW takeover bid aims to avert Thames Water entering a special administration regime by injecting £3.35bn of new equity and £6.25bn of new debt while writing off £9.6bn of existing debt.
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Thames Water creditors: We're open to talks with Andy Burnham on more ‘public control’
Investors in Thames Water have said they are willing to discuss greater “public control” of the utility amid reports Andy Burnham could temporarily nationalise the struggling company.
Andy Burnham Faces Thames Water Showdown as Investors Prepare Multi-Billion-Pound Legal Fight
A consortium of investors holding most of Thames Water's debt has instructed lawyers to prepare a legal challenge if an incoming government led by Andy Burnham brings the company into public ownership. The move comes as ministers prepare to decide whether to back a private rescue plan or place the company under temporary state control. The London & Valley Water (L&VW) consortium, which represents creditors holding about £17 billion of Thames Wat…
Thames Water creditors open to talks with Andy Burnham on more ‘public control’ – UK Times
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails Investors in Thames Water have said they are willing to discuss greater “public control” of the utility amid reports Andy Burnham could temporarily nationalise the struggling company. Turnaround specialist Mike McTighe, who is working with the largest group of Th…
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