Overview

• KKR had been set to inject £4bn equity into Thames Water but confirmed on June 3 that it was no longer in a position to proceed.
• Thames Water has opened discussions with senior creditors on a debt-for-equity swap and other recapitalisation measures to stabilise its finances.
• The utility, burdened by nearly £20bn of debt, must secure fresh funding by the end of June to avert a special administration process.
• Environment Secretary Steve Reed warned that ministers stand ready to place Thames Water into special administration if it fails to raise new investment.
• An Independent Water Commission interim report calls for a fundamental reset of the industry and stronger regulatory powers for Ofwat.