Thames Water parent tells creditors it has defaulted on debt

Missed interim payment raises prospect of collapse or restructure of troubled company

The parent company of troubled Thames Water has told its creditors it has defaulted on its debt, raising the prospect that the company could collapse or face a significant restructure.

Kemble Water has missed an interest payment that was due on Tuesday and said it was requesting its lenders and bondholders to take no creditor action so as to provide a stable platform while all options are explored" with its stakeholders.