Summary
Bidders aiming to take over Thames Water are ready to replace senior managers to restructure the troubled utility company. The company faces pressure from the government to improve its operations after being fined for not meeting standards. Lenders have proposed a financial rescue plan involving investment in infrastructure and potential management changes.
Key Facts
- Bidders for Thames Water may fire senior managers as part of a restructuring plan.
- Thames Water faced government fines for not meeting operational and environmental standards.
- A new board, led by Mike McTighe, is in discussion with the regulator and government.
- Thames Water's CEO, Chris Weston, was criticized for a large bonus after three months.
- Investors owed £13 billion plan to offer £1 billion in extra funding for Thames Water.
- Lenders proposed investing over £9 billion in facility upgrades over five years.
- A review suggested a new regulatory framework for underperforming companies.
- Consultants estimate a government-supervised administration could cost £4.1 billion.
