UK Thames Water investor group submits last ditch turnaround plan

The senior creditors of Thames Water aiming to lead a turnaround of the company presented their plan to fix its finances and stop the utility being nationalised, proposing on Thursday a 7.5 billion pound ($10 billion) debt write-off.
For 18 months, Thames Water has been at the centre of a scandal in Britain’s water sector, with the company fined over 100 million pounds for pollution, while its debts of over 20 billion pounds have left it close to financial collapse.
The plan from the investor group – made up of 15 institutions including Aberdeen Investments, Elliott, PIMCO and Silverpoint Capital – is the only remaining option for Thames Water to avoid the government’s special administration regime.