China’s factory activity hit by tariffs; KKR pulls out of Thames Water rescue talks – business live
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Elsewhere in the water industry, a new report has warned that the water sector in England and Wales needs a fundamental reset".
In an interim report published on Tuesday, the Independent Water Commission says the water sector has been beset by deep-rooted, systemic" failures.
There is no simple, single change, no matter how radical, that will deliver the fundamental reset that is needed for the water sector."
We have heard of deep-rooted, systemic and interlocking failures over the years - failure in Government's strategy and planning for the future, failure in regulation to protect both the billpayer and the environment and failure by some water companies and their owners to act in the public, as well as their private, interest.
Whilst today's news is disappointing, we continue to believe that a sustainable recapitalisation of the Company is in the best interests of all stakeholders and continue to work with our creditors and stakeholders to achieve that goal.
The Company will therefore progress discussions on the senior creditors' plan with Ofwat and other stakeholders. The Board would like to thank the senior creditors for their continuing support."
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