A race against time: what now for Thames Water after rescue deal collapses?

Huge group of creditors in scramble as prospect of temporary nationalisation looms large for troubled firm

• Nils Pratley: Hapless Thames Water is finally drinking in last chance saloon

Thames Water came close to collapse earlier this year as it almost ran out of money. But after agreeing to exclusive takeover talks with the US private equity company KKR, the debt-laden utility was hoping for a quieter period as it sorted out the details.

Those hopes were extinguished on Tuesday after KKR said it was withdrawing its bid - to the shock of many people in the company and Thames Water's creditors.