Overview

• Senior creditors including Aberdeen, Elliott Management and BlackRock have put forward a rescue package valued at £17–20.5 billion to stabilise Thames Water.
• The plan would write off approximately £6.7 billion of debt and inject at least £3 billion of fresh equity alongside new loans.
• Investors are seeking relaxed environmental requirements and directors’ immunity from fines for past pollution breaches under the deal.
• Politicians and environmental campaigners have criticised the proposal for potentially permitting continued sewage dumping with limited accountability.
• Ofwat is evaluating whether the proposals are deliverable and beneficial for customers and the environment ahead of an expected decision in July.