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...In the letter, Coucher warned that the number of “criminal convictions” faced by water companies was too high....
...“Thames Water is a canary in a coal mine,” said one water company investor. “You’ve got the biggest water company teetering on the brink and we are all watching....
...Two directors, including company secretary Rachael Hambrook, quit parent company Kemble on Thursday in a sign of the water monopoly’s growing distress....
...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....
...One person close to Thames Water described the company as “like a flooded room with only an inch of air at the top”....
...Thames Water has said it has enough cash to last until July next year....
...Thames Water, the UK’s biggest water company, provides water and sewage services to 16mn people, or around 25 per cent of the population....
...Thames Water has a complex group structure with seven layers between the parent company and the operating company, which is regulated by Ofwat and collects customer bill payments....
...He added there were lessons to be learnt from the travails of public sector monopolies such as water companies....
...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....
...Troubled UK utility Thames Water has pushed up the amount it plans to spend on its network in its latest business plan by £1.1bn to £19.8bn....
...But some investors in other water companies would welcome the move — and soon — to limit fallout for the wider sector....
...Macquarie has not had any control or influence over Thames Water’s operating company since 2017.” Thames Water declined to comment....
...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 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....
...Shouting matches between utility companies and regulators are common in the UK....
...richard.waters@ft.com...
...It has no security over water company assets. They are inside the ring-fence and the bond is not....
...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....
...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...
...The nearly £15bn of debt held by the Thames Water utility companies that sit below Kemble should be unaffected by the default....
...For all the talk about complexity, the business structures of private water companies are straightforward....
...Andrés Marín, manager of a Málaga gardening company and spokesman for a group of businesses opposed to the water restrictions, said pool maintenance groups were losing some clients as were gardeners banned...
...Other water companies have high gearing too, built up in the decades since their 1989 privatisations....
...Debt is secured by share pledges on the opco vehicle, Thames Water Ltd, so insolvency could mean lenders take possession of a big water company no one wants....
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