Barclays is reportedly selling off a chunk of Thames Water’s debt as concerns over the future of Britain’s biggest water company continue to mount.
According to Bloomberg, the bank has put £236 million (around $320 million) of inflation-linked Thames Water liabilities up for auction. Bids for the debt were due on Thursday.
Neither Barclays nor Thames Water has commented on the sale.
The move comes as Thames Water, already under heavy financial strain, faces the possibility of being placed into special administration if it collapses. Earlier this week, the UK government brought in FTI Consulting to help draw up backup plans for such a scenario.
On Friday, Thames Water said it had tapped the last of a £1.5 billion emergency funding package, a move that should cover its liquidity needs through at least mid-December. Photo by GroupEditor, Wikimedia commons.