Thames Water’s potential rescuers are seeking a clean break with the company’s past before they commit fresh funds, with some demanding a temporary renationalisation to help cut debts and replace bosses, the Guardian can reveal.
There has been public outrage at the governance of England’s water industry amid sewage spills into rivers and seas, mounting corporate debts and rising consumer bills.
New investors in Thames have a deadline of 10 February to submit bids, sources said. Four groups are expected to make offers, the Guardian understands. However, their fresh equity comes with a condition of steep losses for Thames’ creditors, according to sources familiar with the proposals.
Read the story in the Guardian
Prem Sika, Emeritus Professor of Accounting and member of the UK House of Lords, commented on BlueSky:
“Thames Water rescuers demand temporary renationalisation to cut debts, oust bosses.. After that they want reprivatisation, return to profiteering, dividends, exploitation. Nothing will change until profit motive is eliminated. Need public ownership.”
And Cat Hobbs from the British Blue Community ‘We Own It’ posted:
“Thames Water is like the goose that laid the golden eggs. Privatisation stole all the eggs, nearly killed the goose. Now they want US to rescue the goose, fatten it up and give it back! I say we keep the goose and look after it – PUBLIC OWNERSHIP NOW”
