Key facts
- Thames Water said creditors holding more than £12 billion in secured debt signed a support agreement for the delay.
- The proposal would move repayments due in March 2027 to March 2028 and has not taken effect.
- Thames Water said the delay would give it more time to agree a recapitalization while continuing its AMP8 investment program.
- The Independent reported controlling lenders agreed a further £2.4 billion on top of an existing £3 billion emergency loan.
- Creditor consortium London & Valley Water is discussing a £10 billion rescue proposal with Ofwat and the British government.
- Thames Water said no decision on advancing that proposal has been reached by its board, investment committees or regulators.
Thames Water has asked creditors to postpone repayments on part of its more than £20 billion of debt, moving a March 2027 deadline to March 2028, the company said on November 9, 2026. Creditors representing more than £12 billion in secured debt have signed a support agreement for the proposal, which has not yet taken effect, and the company is seeking further backing.
Thames Water said the proposed delay would give it more time to agree a recapitalization while it continues its AMP8 investment program, intended to improve outcomes for customers and the environment. The Independent reported that controlling lenders had agreed to provide another £2.4 billion, supplementing an existing £3 billion emergency loan, enough cash to operate until autumn 2027. The utility had earlier asked creditors to vote on changes linked to the additional funding.
Separately, creditor consortium London & Valley Water is discussing a £10 billion rescue proposal with the Water Services Regulation Authority (Ofwat) and the British government. Thames Water said no decision on advancing the proposal has been reached by its board, relevant investment committees, Ofwat or other regulators. Revised plans are expected to reach Ofwat before the end of 2026, The Independent reported.