The UK’s biggest water and sewage company could be broken up, listed on the stock exchange, or forced to cap its debt under special measures set out by the regulator on Thursday, Bloomberg News reported. Heavily-indebted Thames Water will be put into a Turnaround Oversight Regime to ensure it can fix chronic leaks and sewage spills, according to the draft ruling. Ofwat also limited the amount Thames can hike annual customer bills to £535 ($688) per household, in line with the average increase for the industry. But it’s well below the £627 proposed by Thames.

Swedish debt collector Intrum AB has reached an agreement with a majority of its bondholders to address its €5.4 billion ($5.8 billion) debt pile, including a forced loss on credit investors and pushing out the notes’ maturities, Bloomberg News reported. As part of the deal, the company’s existing unsecured notes will be exchanged into four series of new bonds with maturities between 2027 and 2030, but only at 90% of their original value, according to a statement on Thursday. In exchange for the haircut, bondholders will get 10% of Intrum’s equity.

Britain's economy grew more quickly than expected in May, providing some momentum for the new government of Prime Minister Keir Starmer but adding to doubts about whether the Bank of England will cut interest rates next month, Reuters reported. Economic output increased by 0.4% in May, after zero growth in April, the Office for National Statistics said. A Reuters poll of economists had pointed to a 0.2% monthly increase. The strength of the upturn could dissuade the BoE from beginning to cut interest rates as soon as Aug. 1, its next scheduled monetary policy announcement date.

A company linked to the Chinese businessman who led the buyout of AC Milan in 2017 is being sued over unpaid debts by a group of investment firms, Bloomberg News reported. Five claims have been filed against British Virgin Islands-based Rossoneri Advance Co. Ltd. involving a combined $187 million in debt due and owed, according to court documents dated July 4. The five plaintiffs are suing for debt, damages, accrued interest and other claims.

The system, which has fielded more than 50,000 applications since its creation and was one of the first of its kind in Europe, has been intensely scrutinized since February when a tribunal ordered the regulator to reassess its refusal to authorize the would-be chairman of two Irish investment funds, Bloomberg News reported.

Coloreel Group AB, the Swedish company known for its instant thread dyeing technology, has filed for bankruptcy, PrintWeek.com reported. In an announcement today (10 July), Coloreel said that the decision comes “after the company’s inability to develop its business volume quickly enough and, related to this, secure the necessary financing”. The business said that despite many in-depth discussions with financial investors and potential industrial partners to secure additional funding, it had been unable to overcome its financial hurdles.

A subsidiary of Spanish highway operator Abertis is considering borrowing $424 million to fund capital projects for four Puerto Rico toll roads, Bloomberg News reported. The Public Finance Authority, a Wisconsin-based issuer, approved the bond sale for Puerto Rico Toll Roads LLC, at a June 26th board meeting. PFA would loan the proceeds it borrows to Puerto Rico Toll Roads, which is part of Metropistas, an Abertis subsidiary that operates numerous toll roads and one bridge in Puerto Rico.

Britain’s biggest developers are increasingly turning to a costly service to try to sidestep delays in the country’s broken planning system, a trend that underlines the extent of the challenge awaiting the new Labour government as it looks to make reforms, Bloomberg News reported. Freedom of Information requests by Bloomberg to councils across the UK show that builders are using a tool called planning performance agreements more and more to get their proposals looked at.

The future of Thames Water hangs on a decision this week by the industry regulator, coming after Britain’s largest water company admitted it only has enough cash to fund operations for less than a year, Bloomberg News reported. Ofwat will rule Thursday on Thames Water’s £20 billion ($25.6 billion) business plan — a five-year overhaul of crumbling infrastructure that requires a sharp increase in customer bills. If the watchdog rejects the proposal, the heavily-indebted utility may be unable to raise the funding it needs to stay afloat.

Begbies Traynor has warned that insolvency activity will remain “elevated” into 2025 despite improvement in the wider economy, PA Media reported. The Manchester-based restructuring firm said that higher interest rates and funding challenges in certain sectors will result in further companies going bust or requiring an overhaul. The company, listed on London’s AIM junior market, reported strong revenue and earnings growth over the past year. Group revenues increased by 12% to £136.7 million for the year to April 30.