Jun 30, 2022
Thames Water shareholders to inject £1.5bn as part of overhaul
Thames Water shareholders have agreed to invest up to £1.5bn into the company as the UK's biggest water utility seeks to reduce its debt-laden balance sheet and improve performance amid an outcry over sewage pollution. Thames Water is also working with investors on a plan to provide a further £1bn of equity, which would be used to improve the company's dismal record on customer service, leaks and sewage pollution. In August, Southern Water received a £1bn emergency equity injection from the Australian infrastructure manager Macquarie in a rescue recapitalisation of an English water company that was unprecedented in the three decades of the privatised industry. Thames Water, which has a complicated ownership structure, has gearing of 90 per cent at the holding company level and 82 per cent at the operating company level, well above the regulator's optimal 60 per cent threshold. The company has been at the centre of an outcry over sewage pollution by water companies.
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