Thames Water: Restructuring or Renationalisation?

Lucy Trott of Stevens & Bolton examines the high-stakes standoff over Thames Water’s proposed £5.4 billion creditor-led restructuring, which seeks to slash debt, suspend dividends, and restore investment-grade status while avoiding special administration and temporary public ownership, noting that Ofwat’s pending decision will determine whether the utility’s rescue remains a market-based solution or becomes a politically charged renationalisation.

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