In the News
Thames Water - Nearing Collapse?
6th April 2024
The fate of Thames Water hangs in the balance with its parent company, Kemble, having announced that they are going to default on the interest payment on a loan on Monday and will be unable to payback £190m loan due at the end of April.
The implications for Thames include a possibility of nationalisation, new ownership and the implications for bill payers. Remarkably, there's one group of stakeholders who aren't mentioned - executives - what's their fate? They've overseen this farrago.
So @thameswater's CEO claims the utilities company is still sitting on over £2bn in cash.
— Feargal Sharkey (@Feargal_Sharkey) April 6, 2024
Does that I wonder include the £1.134bn they were legally obliged to spend on environmental upgrades before 2025 but cancelled the 105 projects involved at the last minute?
Hmm?! 🤔 pic.twitter.com/jhTlWIkzkX
What have Thames river and Thames Water got in common? Both are in the shit. Uninvestable firm defaults on debt partly caused by transferring money to shareholders and pumps sewage into the river caused by lack of investment https://t.co/dlNpOKmhx2 pic.twitter.com/QsYIeQ531l
— Paul Lewis (@paullewismoney) April 6, 2024
After months of speculation, Thames Water has finally admitted it cannot pay its debts.
— City A.M. (@CityAM) April 5, 2024
The firm announced today it would be unable to pay the interest that’s due on its borrowings and pleaded with creditors to stick by its side, writes @RhodriMorgan__ ✍️https://t.co/VSatviC7pR
Graham Watson
Graham Watson has taught Economics for over twenty years. He contributes to tutor2u, reads voraciously and is interested in all aspects of Teaching and Learning.
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