Overview

• FTI Consulting has been engaged to draft contingency plans for a Special Administration Regime that would maintain Thames Water’s operations under court-approved administration.
• A Department for Environment, Food & Rural Affairs spokesperson says ministers have “stepped up our preparations” and stand ready to apply for SAR if a private rescue cannot be secured.
• Negotiations continue with Class A creditors on a recapitalisation package involving about £5 billion of new equity and up to £12 billion in debt write-downs.
• Hong Kong’s CK Infrastructure has emerged as the leading bidder to acquire Thames Water under SAR, prompting political and national-security warnings over foreign ownership of critical infrastructure.
• Record Ofwat fines exceeding £100 million and a ban on executive bonuses highlight environmental failures that complicate regulatory forbearance ahead of an October CMA appeal deadline.