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...That has left the company rushing to raise more than £3bn in fresh capital by 2030, including £750mn by next year, to keep services running and improve its water and sewage infrastructure....
...All 16 companies have been criticised for service failures, including tipping unknown quantities of sewage into waterways, high leakage rates or water outages....
...The company services an area that includes popular swimming beaches at Herne Bay, Whitstable and Brighton....
...Two Chinese state-owned banks hold a crucial role in the future of Thames Water, as part of a group of lenders involved in a stand-off over debt at the parent company of Britain’s largest water utility....
...and sewage services to millions of customers....
...supplies water and sewage services to about 25 per cent of England’s population, would have far-reaching consequences....
...Water companies are facing their biggest protests since the industry was privatised 35 years ago....
...for billions of dollars in subsidies, and the Environment Agency for England and Wales is allocating £11mn collected in fines against water companies, to environmental restoration projects....
...as I-Soon, and the services that the company provides Chinese public security authorities....
...The company — which supplies 16mn people, or about 25 per cent of the population of England and Wales — is struggling to stay afloat after its shareholders refused to put more money into the heavily leveraged...
...Thames Water, the UK’s biggest water company, provides water and sewage services to 16mn people, or around 25 per cent of the population....
...restricts the ability of bondholders to seize assets if Thames Water is unable to service its debts....
...They announced on Thursday they were not willing to inject new equity into the company. Some of this estimated loss has already been booked in the accounts of funds such as Omers....
...governments and citizens to demand action....
...richard.waters@ft.com...
...The ringfence can be seen as a security lockbox around the water company and the assets it needs to provide essential services, which are basically the provision of fresh water and the removal of wastewater...
...The Chinese coastguard has used water cannons to prevent the Philippines from resupplying marines on the Sierra Madre, a rusting ship that has been lodged on the reef for 25 years....
...Together these are significant liabilities for UK citizens....
...The nearly £15bn of debt held by the Thames Water utility companies that sit below Kemble should be unaffected by the default....
...The company, which provides water services to 15mn people in England, is now facing a messy debt restructuring or even the prospect of a temporary renationalisation under the government’s special administration...
...This month, the parent company of Thames, the UK’s biggest water group, defaulted on a £400mn bond, part of the group’s £18.3bn stack of debt....
...He added there were lessons to be learnt from the travails of public sector monopolies such as water companies....
...Ofwat called for Thames Water to “pursue all options to seek further equity for the business to turn around the performance of the company”....
...resilience of water companies’ water supply and wastewater systems”, it added....
...The model, in which Thames Water’s cash flows service different tiers of debt, tends to result in higher investment-grade ratings for top-ranked bonds than standard corporate bonds at companies with similar...
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