Thames Water has won court approval for up to £3bn in emergency debt that will allow it to avoid collapse – at least in the short-term.
The debt package is an important staging post for the utility, which supplies water and sewage services to nearly a quarter of the UK population, as it seeks to repair its finances.
Yet it still has a long way to go before it is out of danger.
Why did this happen?
Thames Water had said that it would run out of cash on 24 March. That outcome would force the government to take over in a special administration regime – a form of temporary nationalisation – in order to keep serving its 16 million customers across London and south-east England.
The company said the debt deal, with a host of investors and…
