Govt needs to bite the bullet and put Thames Water into special administration

EMBARGO: Immediate Release

Commenting to the news that KKR has pulled out of plans to buy Thames Water, Liberal Democrat MP Charlie Maynard, who has previously appealed Thames Water's £3bn bailout said:

"The buyer for Thames Water has walked away. The company is now at the end of the road. The Government needs to bite the bullet, and put Thames Water into Special Administration, so its unsustainable debt can be written down and the interests of Thames Waters 16 million customers can be protected.

"While Thames Water is being allowed to keep piling up more and more debt, customers are paying the price in massive interest payments. This is totally unfair. The creditors who have heaped billions in debt onto the company should now pay to sort this mess out. This can only be achieved through a well planned administration process, followed by a swift exit - after which the company should go forward being mutually owned by its 16 million customers."

ENDS