Published • loading... • Updated
MPs Urge Government to Reject Thames Water Creditor Takeover
The committee said the £10 billion plan would protect creditors, not customers, and urged stronger powers to place failing water firms into special administration earlier.
- The Environment, Food and Rural Affairs Committee urged the government to reject a £10bn takeover proposal from Thames Water's creditors, arguing the plan does not have the public interest at heart.
- Thames Water, serving 16 million customers, faces a "doom loop" of roughly £20bn in debt, compounded by fines for poor performance that leave less money for essential improvements.
- The EFRA Committee described the consortium of over 100 creditors as "opaque," warning their priority is to "extract immediate value from Thames Water, not steer it to long-term success," including firms like Elliott Management and Apollo Global Management.
- Alistair Carmichael, chairman of the EFRA Committee, suggested the government place the company into special administration, arguing current laws prevent regulators from intervening on performance grounds until insolvency occurs.
- Thames Water management argued that delaying recapitalization risks disrupting investment, stating "turning Thames Water around will take a decade," while the government remains silent on renationalization plans despite year-end funding shortages.
Insights by Ground AI
17 Articles
17 Articles
LibDems Hijack Environment Committee Report on Thames Water
Today’s ad hoc report from the Environment and Rural Affairs Committee urging ministers to reject a £10 billion Thames Water rescue deal landed just in time for the LibDem conference, which kicks off in Brighton tomorrow. Is the timing a coincidence? The report calls on the Government to reject a privately funded Thames Water rescue…
·London, United Kingdom
Read Full Article
Nationalise Thames Water and block private rescue deal, MPs tell Burnham
Andy Burnham and his government are facing increasing pressure to take control of Thames Water after a group of MPs warned a rescue deal led by its creditors should be rejected. A group of the stricken utility’s lenders, known as London & Valley Water, is vying to seize control of the company in a £10bn [...]
·London, United Kingdom
Read Full Article
INTELLINEWS+2 Reposted by 2 other sources
MPs urge ministers to break off Thames Water talks with US hedge funds
Coverage Details
Total News Sources17
Leaning Left3Leaning Right1Center8Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 25%
C 67%
Factuality
To view factuality data please Upgrade to Premium
