A creditors' consortium seeking a £10bn rescue of Thames Water has appointed former Labour minister Lord John Hutton as independent chair designate to gain government approval.
01Summary
- 01Lord John Hutton, a former Labour minister, has been selected as independent chair designate of Thames Water by the London & Valley Water creditor consortium.
- 02The consortium is pursuing a £10bn rescue deal for Thames Water, which serves 16 million customers in southern England.
- 03Thames Water recently requested an additional £2.4bn from creditors and has been battling to avoid bankruptcy.
- 04Mike McTighe, a telecoms and turnaround specialist, has been appointed vice-chair designate to support Hutton.
- 05The government must approve the creditors' takeover, with Andy Burnham reportedly demanding more radical options for the company.
02Why it matters
This matters because a collapsed Thames Water would disrupt water supply and environmental standards for millions of customers, and the appointment of a former minister may influence the government's decision on the rescue deal.
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