Thames Water lenders offer 'golden share' to head off nationalisation
Summary
Thames Water’s main lenders have offered the UK government a “golden share” and more control for local authorities to avoid the company being nationalised. The lenders also proposed more funds and debt relief in a new rescue plan, but the government previously rejected a similar offer.Key Facts
- Thames Water supplies water and wastewater services to 16 million people in London and southern England.
- The company faces financial trouble and may run out of cash by November.
- Lenders formed the London & Valley Water (L&VW) consortium to propose a rescue deal.
- The previous offer included a £10 billion plan with debt write-offs and cash injections.
- The government rejected the earlier plan for not doing enough for customers and the environment.
- The new offer gives the government veto power through a “golden share” and more local authority involvement.
- Thames Water was fined £122.7 million last year for sewage spills and shareholder payouts.
- If Thames Water fails and becomes government-owned, the government could face a large debt bill.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
