London is at risk of being swamped by burst pipes and sewage leaks if Thames Water is forced into an emergency nationalisation later this month, The Telegraph reported. Insiders have expressed growing concerns that maintenance and repair works could grind to a halt if a multibillion-pound private sector-led bailout is rejected by the Court of Appeal in the coming days. A reversal of a £3bn rescue deal, which was sanctioned by the High Court last month, would trigger an immediate cash crisis at Thames and potentially force ministers to step in.
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It is only "a matter of time" until another Premiership club goes bust unless there is "radical change" according to the administrator who oversaw London Irish's insolvency, BBC.com reported. London Irish, Wasps and Worcester went out of business during the 2022-23 season leaving the top flight of English rugby with only 10 teams. A parliamentary report in January 2023 concluded that the financial situation of elite clubs was unsustainable.
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Rachel Reeves risks being forced to nationalise Thames Water just two days before her Spring Statement in a move that would force the Chancellor to tear up her spending plans, The Telegraph reported. The Treasury is drawing up fresh contingency proposals for Britain’s biggest water supplier ahead of a court showdown that could plunge the business into special administration. The threat of special administration is still looming over Thames Water, which has 16m customers, despite the High Court approving an emergency loan from its lenders last month.
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Britain’s Southern Water Ltd. is trying to fix its finances in an effort to preserve its investment grade status, safeguard its balance sheet — and avoid the same debt woes as Thames Water, Bloomberg News reported. The utility has entered into talks with its creditors to figure out how to reshape its capital structure, according to people familiar with the matter. The parties are discussing how to accommodate a £900 million ($1.2 billion) equity injection — led by majority shareholder Macquarie Asset Management — and what other tweaks may be necessary to stabilize the company’s finances.
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