Thames Water’s parent company has sent a formal notice to bondholders informing them that it has defaulted on its debt, firing the starting gun on a potentially messy restructuring at the owner of Britain’s largest water utility.
One of the holding companies that owns Thames Water on Friday said interest payments due earlier this week on a £400mn bond “have not been paid” as it issued a “formal notice of default”.
The bonds were sold by Kemble Water Finance, which is part of the labyrinthine corporate structure built at Thames by its former owner, Australian infrastructure investor Macquarie.
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