A group of creditors - 90 institutions who collectively hold £10bn of Thames' almost £16bn debt pile - are working on their own plan to save the company.
Like an emptying bath, Thames Water's downward spiral is accelerating as it gets closer to the plughole. The last week has seen a flurry of developments in the saga of Britain's biggest water company, the outcome of which matters not just to its customers and investors, but the UK's credibility as a haven for overseas investment.
After a decade focused on suppressing customer bills, it is now insisting on investment in infrastructure upgrades, and will allow prices to rise by 21% on average. The companies, Thames included, say this is not nearly enough to make the water sector attractive to the investors it needs to provide tens of billions for upgrades. Changes in market conditions since the last regulatory round mean there are equally attractive investment options in other industries.
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