Thames Water Owner Defaults on Debt in Sign of Deepening Crisis
- UK utility’s parent unit failed to make interest payment
- Non-payment triggers cross-default across Kemble debt
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The holding company of Thames Water Ltd. defaulted on about £1.4 billion ($1.7 billion) of debt after failing to make an interest payment, in the latest escalation of the crisis at the UK’s largest water utility.
Kemble Water Finance Limited sent formal notices of default to creditors saying it missed an interest payment on Tuesday, according to a statement. The non-payment triggered cross-default across all of the holding company’s debt.