London:
A Hong Kong Company has submitted an initial 7-billion pounds ($ 8.8 billion) bid for a Majority stake in Thames Water, A Heavily Indebted UK Water Supplier, The Financial Times SAID FRIDAYA. CK infrastructure, part of the ck hutchison group, put forward the non-binding offer earlier this month, but expects the utility's bondhlders to take significant writedowns, cording to two people Close to the issue.
The news came after a uk court on tuesday approved a 3 billion pound emergency loan for Thames water, offering it a lifeline as it buckles under a mountain of debt.
The loan provides a short-term solution to keep the company-faceed with debts of 16 billion pounds-Afloat while Finds the Necessary Funding to Stave Off a Costly.
Thames Water did not comment on the ft report when asked by Afp.
If the company that services 16 million customers, or a Quarter of the UK's Population, Fails to Find the Funding, It will have to call on the state to buy it. Such a rescue would be a blow to the government in the face of tight public finances.
Thames Water – Owned by a Consortium of Sharehlders Including Canada's Ontario Municipal Employees Retirement System and the British Universitys Superannuation Scheme – – Has Recented Interest From Private Buyers.
Infrastructure Investor Covalis Capital Proposed an upfront buyout offer of 1 billion pounds, with the potential to brings in freench utility giant soz.
According to the Financial Times, Thames water has also received other offers including a 4 billion pounds bid from American investment fund kkr.
(Except for the headline, this story has not been edited by ndtv staff and is published from a syndicated feed.)
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