Thames Water Rescue Plan Criticized by Excluded Bidders
– Thames Water’s rescue plan faces backlash from excluded bidders including CKI Holdings and Castle Water.
– Thames Water, in financial distress, owes lenders over £13bn and risks government administration by early next year.
– Lenders propose a plan involving a 25% debt write-off and over £4bn in new funds, but require leniency on pollution fines.
– Barclays warns customer bills could rise nearly 20% in five years if lenders’ plan proceeds.
– Critics, including independent economists, argue the focus is on salvaging lender investments rather than improving services.