Thames Water has asked its creditors for more time to pay back billions of pounds in debt, as the water company scrambles to keep itself afloat.
The UK’s largest water company said it had proposed an “interim” deal under which the deadline to pay off an unspecified portion of the £20bn of debt on its balance sheet would be extended from 2027 to March 2028.
The company, which serves 16 million customers across London and the Thames Valley, has been on the brink of collapse for several years after it became overwhelmed by a huge debt pile. Its shareholders walked away in 2024, which has left the company under the effective control of its creditors, who are working out a deal to avoid bankruptcy.
The creditors gave Thames a separate…