Thames Water’s in deep trouble, with creditors demanding a $10 billion rescue plan that includes new leadership—former heads of Yorkshire Water and Openreach—hoping to convince the government to avoid public ownership. Mayor Andy Burnham and the Prime Minister are pushing for greater public control, even nationalization, while creditors warn a special administration could cost taxpayers $2 billion. Critics call the board shake-up a “cosy stitch-up,” likening it to rearranging deckchairs on the Titanic, as creditors ramp up legal efforts to secure control after a failed US buyout. Their goal? A 10-year turnaround, potential stock market listing by 2030, and restoring trust—even if it means big losses for them.
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