Thames Water said it would seek commitments to increase its emergency funding in tranches over the coming months. (EPA Images pic)LONDON: Britain's Thames Water said on Thursday it needed to increase its emergency funding facility by £2.4 billion to £5.4 billion, to keep operating into autumn 2027.
Thames Water said it had already drawn £2.65 billion of its existing £3 billion lifeline and, under its latest forecasts, would run out of money by the end of this year or early 2027, before its planned recapitalisation is completed.
The utility, saddled with about £20 billion in debt, has been fighting for survival after years of inadequate investment in its ageing infrastructure.
Its senior creditors are seeking a rescue deal involving debt writedowns and equity investment in an effort to avert temporary government control.
