Thames Water is running out of time to secure a rescue deal as its debt swelled to nearly £20bn.The UK’s largest water and waste company posted a rise in profit after increasing customer bills, and said talks with the government and regulators are ongoing. The company has sufficient cash to last until early next year.If a plan is not agreed by then, Thames Water is likely to collapse into government-supervised administration.Administrators have already been selected to step in if required. That plan would see the lenders write off a quarter of the money they are owed, with a smaller group of junior lenders loans written off completely. The BBC understands the lender group is hopeful their plan will get agreement in principle before the end of the year but has many critics as it requires some leniency over fines for pollution and spillage.The lender group insist that will leave the company in limbo where its many problems will deteriorate.Regardless of what happens to Thames or who owns the company, its water services will continue as normal.
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Thames Water running out of time to secure deal as debt swells
