The company stated earlier this year that it needs to raise equity of £3.25-billion over the next five years. Without new investment it said it would run out of money by May 2025
Britain ’s Thames Water said on Friday it needed creditors to allow it to release more cash reserves as it runs short of time in its struggle to raise the capital it needs to survive.
A formal process to raise new equity would be launched in the coming weeks, Thames Water said, although it added that it was not expected to conclude until after the water regulator had made a final decision on future tariffs, possibly in January.“We have entered into discussions with our financial stakeholders to release cash reserves under our financing. This would require majority creditor consent,” the company said.
Britain’s privatized water industry has come under fire after companies increasingly released sewage into rivers and seas, causing public outrage that for decades the utilities had prioritized profit over investment. It also has a further 550 million of undrawn reserve liquidity facilities available should it enter standstill, where secured creditors agree not to demand repayment.
Water Cash Britain Time Equity Investment Process Britain Thames Water
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