Thames Water Must Agree on Survival Plan within Two Months
Britain’s largest water utility firm is facing challenges as it has defaulted on debt payments worth hundreds of millions, pushing it towards potential insolvency.
In two months, water sector regulator Ofwat will make a decision on whether financially struggling Thames Water can secure the necessary investment to survive.
Thames Water must improve its financial situation before the June 12 deadline set by Ofwat, to avoid further complications.
An Ofwat spokesperson stated, “We will set out our draft determinations in June this year.”
The company is troubled due to defaulting on debts after its parent company, Kemble Water Holdings Ltd., did not make £500 million in interest payments due in April.
The CEO of Thames Water, Chris Weston, assured customers that despite the financial setbacks, operations will continue as normal.
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