Thames Water Debt Crisis: Will it be Nationalized? Will Bills be Affected? [BNN Bloomberg (Canada)]
ING Group, N.V. (ING)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
Company Research
Source: BNN Bloomberg
A huge hole in its finances is threatening to drive the company to temporary nationalization, potentially creating a big problem for current or future governments. Here's an explainer of how Thames Water came to be in this position, what could happen if the company collapses and what it all means for customers. What is the Thames Water crisis?Thames Water is saddled with debt and desperately needs about £3 billion to repair its aging network. After months of deliberations with the regulator Ofwat, Thames Water's shareholders announced in March that its business plan was “uninvestible,” and they refused to inject £500 million into the troubled supplier. A week later, those owners defaulted on about £1.4 billion of debt after failing to make an interest payment. That leaves a yawning hole in Thames's finances with big questions about how it will fix chronic leaks and sewage spills, which makes it the worst performing of all the water and sewage companies in England and Wales. Publ
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