UK government contacts potential managers for Thames Water | thames river

The UK government has reportedly approached several restructuring advisers about taking on the role of special administrator for Thames Water if the troubled utility goes bankrupt.

Teneo, Interpath and EY are in contact with the government as it prepares contingency plans in case Britain's largest water company is nationalized, sources familiar with the process told the Financial Times. It was reported citing .

Thames Water, which provides water and wastewater services to 16 million customers in London and southeast England, has been on the brink of bankruptcy for months due to debts of $15 billion.

The Special Administrative Regime (SAR) places companies into temporary government ownership to ensure vital water supplies continue to function even if they go bankrupt. The government previously appointed Teneo to run the SAR of Bulb, an energy company that collapsed in the aftermath of Russia's invasion of Ukraine.

It is understood that the government has not yet reached the stage of conducting formal interviews with consulting firms related to special administration.

Thames Water is trying to secure $3 billion in emergency funding to prevent an imminent collapse and at least $3.25 billion in equity investment to prevent a subsequent collapse.

The High Court in London is expected to decide in February whether the company can proceed with its $3 billion plan. The plan, favored by Thames Water, supports 90% of the existing group of creditors for the utility.

The company has until February 18 to decide whether to appeal to the Competition and Markets Authority against sector regulator Ofwat's bill increase caps. Before Christmas, Ofwat announced that Thames Water could see its bills rise by 35% by 2030, but the company insisted that was not enough to get it back on a sustainable footing.

The River Thames has become the most prominent target of public anger over the state of Britain's waterways, amid widespread aversion to discharging sewage into rivers and the sea.

The company was also fined $18.2 million in December for paying unfair dividends despite efforts to raise more cash after previous investors slashed the value of its stake to zero.

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It also drew the ire of clean water activists earlier this month by threatening to increase top executives' pay if regulators banned bonus payments.

The FT quoted an unnamed official as saying the government was prepared to impose special administration if necessary. The same official was quoted as saying that the possibility of temporary nationalization was the strongest lever for us as a government to find another market-led, private-led solution.

EY and Teneo declined to comment. Interpath and Thames Water have been contacted for comment. The Department for Environment, Food and Rural Affairs and the Department for Business and Trade have been approached for comment.

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