Britain’s largest water utility, Thames Water, has launched efforts to raise at least £3.3 billion ($4.29 billion) in equity to stabilize its operations, according to a report by Bloomberg News on
Monday, citing an anonymous source.
The company, which is struggling under a heavy debt load, faces a crisis driven by persistent sewage dumping issues and an aging pipe network. In July, Thames Water warned it could run out of cash by the end of the year if it did not secure immediate financial support.
Last week, Thames Water initiated the process to raise funds, granting access to key data for potential investors, the report indicated.
As of March 31, the utility's net debt stood at £15 billion, and it has been urgently seeking short-term financial relief. The company has yet to respond to requests for comment from Reuters. Photo by Jim Linwood, Wikimedia commons.