Ofwat explores Thames Water break-up in ‘Project Telford' rescue plan [Yahoo! Finance]
HSBC Holdings, plc. (HSBC)
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Source: Yahoo! Finance
Codenamed Project Telford, Ofwat has tasked a former private equity banker with overseeing its contingency plan for the utility giant, which is battling to stave off collapse under the weight of an £18bn debt pile. One of the scenarios under consideration by the watchdog is a radical break-up of Thames, which is Britain's biggest utility company that provides water and sewage services to 16 million households. Adrian Williams, formerly of HSBC and Bridgepoint, has been drafted in to supervise Ofwat's emergency backstop, which is separate from the Government's own contingency proposal Project Timber. His involvement has so far been kept quiet by the regulator, which recently removed his name retrospectively from the minutes of a board meeting in September where Thames Water was discussed. In that meeting, he was described as an “interim senior consultant” on Project Telford. Reference to Mr Williams's role as an adviser to Ofwat was also recently deleted from a personal onli
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