Thames Water creditors secure Labour's Hutton to drive rescue deal

London & Valley Water (LVW), the consortium of Thames Water creditors including Apollo, Elliott, Farallon and Silver Point, has named former Labour cabinet minister Lord John Hutton as prospective independent chair and turnaround specialist Mike McTighe as vice-chair as it seeks government approval for a proposed £10 billion rescue of the debt-laden utility, with negotiations continuing over revised proposals including a potential government “golden share” and the conversion of regulatory fines into equity, amid the continuing threat that Thames Water could enter a Special Administration Regime if a deal cannot be reached.

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