UK Considers Nationalisation of Thames Water as Crisis Escalates
- Concerns growing over utility company’s debt structure
- Minister says ‘a lot of work going on behind the scenes’
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Britain’s biggest water supplier, Thames Water, is in talks with officials over contingency plans including a temporary nationalization as concerns grow over its more than £13 billion ($16.5 billion) debt pile, according to people familiar with the matter.
Thames’ bonds tumbled on Wednesday morning, with one falling 35 pence on the pound. Chief Executive Officer Sarah Bentley suddenly stepped down with immediate effect the previous day amid concerns over the financial stability of the firm, forcing the issue on to the government’s agenda.