April 14 (Reuters) - The board of UK water regulator Ofwat is split over whether to approve a rescue deal offered by the creditors of Thames Water, Bloomberg News reported on Tuesday, citing a person
Britain's Ofwat board split over approval for Thames Water rescue deal, Bloomberg News reports
Ofwat Board Division and Thames Water Rescue Deal Overview
Regulatory Board's Position on the Rescue Deal
April 14 (Reuters) - The board of UK water regulator Ofwat is split over whether to approve a rescue deal offered by the creditors of Thames Water, Bloomberg News reported on Tuesday, citing a person familiar with the matter.
The water regulator's board has so far failed to reach a consensus on the deal floated by senior creditors to save Britain's largest water supplier, the report said.
Potential Nationalisation and Stakeholders Involved
Nationalisation Risk for Thames Water
Thames Water, which is at the centre of a sewage scandal in Britain, could be nationalised if regulators fail to agree on a deal with the group of senior creditors, which includes Invesco, Elliott Management and Silver Point Capital.
Details of the Rescue Offer
The creditor group, called London & Valley Water, made a new offer to rescue Thames Water in March that included 3.35 billion pounds ($4.54 billion) of new equity and up to 6.55 billion pounds of new debt.
Official Responses and Next Steps
Ofwat's Ongoing Review
An spokesperson for Ofwat told Reuters it is continuing to engage with London & Valley Water and reviewing their plans carefully to assess whether they deliver a turnaround in Thames Water's operational performance and strengthen its financial resilience.
Thames Water's Position
Focus on Market-led Solutions
"Thames Water remains focused on securing a market-led solution that delivers improvements for customers and the environment as soon as practicable whilst continuing to make progress with our operational and financial turnaround plan," a spokesperson for Thames Water told Reuters.
($1 = 0.7377 pounds)
(Reporting by Unnamalai L, Ankita Bora and Jahanvi Kothari in Bengaluru; Editing by Shailesh Kuber)
