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...Thames Water’s immediate parent company Kemble Water Finance has a £190mn loan, which shareholders last week said they would be unable to repay when it matures on April 30....
...like Thames Water start to unravel,” said Ash Smith, of Windrush Against Sewage Pollution campaign....
...water company ownership....
...The hedge fund has stayed clear of bonds at Thames Water’s holding company Kemble, however, which sit outside the regulatory ringfence and are trading at less than 15 pence....
...New York-listed insurer Assured Guaranty had more than $12bn of exposure to UK water companies at the end of 2023, with more than $2bn to Thames Water alone....
...Some lenders to Thames Water would lose up to 40 per cent of their money under government contingency plans to nationalise Britain’s biggest water company dubbed “Project Timber”....
...The nearly £15bn of debt held by the Thames Water utility companies that sit below Kemble should be unaffected by the default....
...The bonds were issued by Kemble Water Finance, which sits above the nearly £15bn of debt at the Thames Water utility companies that should be unaffected by the move....
...Macquarie has not had any control or influence over Thames Water’s operating company since 2017.” Thames Water declined to comment....
...The investor resistance to Ofwat’s demands precipitated a default by Thames Water’s parent company last week....
...While Thames Water’s management has long insisted that Kemble’s travails should not have an impact on the regulated utility, the water company’s bonds also traded down....
...Since then, Thames Water’s group borrowings have grown to £18.3bn as the company passed from owner to owner....
...He was unveiled last week as the next boss of Envista, a New York-listed dental products manufacturer, with a market capitalisation of $3.4bn — about half of Smiths’ valuation....
...“We also need to see companies deliver the performance that customers expect and that they are run in a way that meets customers’ expectations.” Additional reporting by Robert Smith in London...
...Elon Musk’s pioneering electric car company faces slowing demand and a brutal price war. Shareholders also want to know about a plan to move company headquarters from Delaware to Texas....
...This year’s staging of Balikatan, the allies’ largest annual military drill, will include a joint sail in the disputed South China Sea outside the Philippines’ territorial waters....
...Flow, Neumann’s new property company confirmed that “a coalition of half a dozen financing partners . . . submitted a potential bid” two weeks ago....
...Recent flooding claims exposed policies that covered flood damage “depending where the water came from”, Hielkema said, which was “completely not understandable” for consumers....
...Tim Rourke, UK head of P&C pricing, product, claims and underwriting at WTW, said the data suggested “the relentless rise in prices may finally be turning a corner”....
...BUY: Hill & Smith (HILS) Operating margins are on the rise at the supplier of products for the construction and infrastructure industries, writes Mark Robinson....
...The weather-related damage to homes — as opposed to other sources of claims such as fire, break-ins and water leaks — was more than a third higher than the previous year....
...The FT’s AI editor Madhumita Murgia and West Coast editor Richard Waters have more details on the potential revamp....
...The company also claimed for about €3.7mn for a damage survey, plus other costs. Lloyd’s of London and Arch declined to comment....
...In today’s newsletter: Thames Water’s Chinese lenders AT1 documents fight Blackstone’s luxury sale Thames Water’s Chinese stand-off Critics of Britain’s water company privatisation have recently accused...
...Thames Water and Kemble did not immediately respond to requests for comment. Additional reporting by Robert Smith...
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