Thames Water creditors propose new board
Analysis based on 7 articles · First reported Aug 24, 2026 · Last updated Aug 24, 2026
The proposed board overhaul and rescue bid aim to stabilize Thames Water and avoid nationalisation, which could impact the value of its debt and equity. Approval would likely reassure creditors and investors, while failure could lead to special administration and significant losses for bondholders.
Thames Water's creditors, organized as the London and Valley Water consortium, have unveiled plans to appoint four new directors to the board of the struggling water utility if their rescue bid is approved by the UK government and regulator United Kingdom — Ofwat. The proposed directors include former Yorkshire Water CEO Liz Barber, former Department for Transport permanent secretary Bernadette Kelly, former BT Openreach CEO Clive Selley, and infrastructure expert Mike McTighe, who has been named as proposed chairman, replacing Adrian Montague. The consortium, which includes Elliott Investment Management, Aberdeen Asset Management, and Apollo Global Management, has also offered a 'golden share' to the government as part of a revised deal. The rescue is seen as the final option to avoid nationalisation or special administration, after a previous deal with KKR & Co. collapsed in May last year. Creditors hold about GBP17 billion of Thames Water's over GBP20 billion debt. The consortium hopes to secure agreement this autumn, as Thames Water warns it could run out of cash by October. Prime Minister Andy Burnham has signaled a desire to renationalise the water industry, but the government has preferred a market solution.
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