Put Thames Water into temporary state control, say ‘junior’ creditors
by Jasper Jolly from World news | The Guardian on (#6XWC3)
5bn rescue plan would set deeply troubling precedent', say bondholders who face losing all of their money
Thames Water should be placed into temporary government control to avoid setting a deeply troubling precedent", according to bondholders who face losing all of their money in the latest rescue bid.
The struggling utility is under the control of a group of lenders who hold the bulk of its huge 20bn debt pile. Those senior" creditors on Tuesday revealed details of a last-ditch rescue effort with 5bn in funding, alongside writing off about 6.7bn in debt.
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