Thames Water posts $2.22 billion in total pretax loss
It said the loss included a 1.27 billion pound provision against a loan from its parent company not deemed recoverable, 122 million pounds in fines, 198 million pounds of restructuring plan fees and 151 million pounds of restructuring costs.
The heavily indebted British company is trying to win approval for a rescue plan funded by its senior creditors.
"We recognise that our current gearing is too high and, to address this, we are progressing with our Senior Creditors' plan to recapitalise the business which will see us return to a more stable financial foundation," said Chief Executive Chris Weston.
"This will come with a requirement to re-set the regulatory landscape and acknowledge it will take at least a decade to turn Thames around."
($1 = 0.7443 pounds)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
23 minutes ago
- BBC News
Council agree to sell former TK Maxx building in Peterborough
A council said it hoped a former TK Maxx building could be turned into a mixed residential and commercial City Council's cabinet members agreed to sell the Bridge Street building at a meeting on 15 July, as it was "no longer economically viable".It was bought by the local authority for £4.1m in 2020 with the aim of using it for a £15m community hub project known as The Vine.A feasibility commissioned by Tetra Tech in July 2022 said the cost of the necessary works was about £10.8m, making the project no longer viable. A marketing exercise to sell the vacant four-storey building will conclude in the Thulbourn, the council's cabinet member for growth and regeneration, told the meeting on 15 July, "62-68 Bridge Street is a prominent city centre site with development potential currently underutilised". Open to offers Adrian Chapman, the executive director of place and economy at the authority, said: "We should be proud of this site. At the moment it is difficult to be because the building is a slug of a building."I imagine it with something on there which is iconic in style and nature and is a real gateway into our city centre."He added: "This is a really significant site in our city centre and a site that deserves a building upon it which is of some significance, of quality and offers real value to the High Street."It's seen as part of our wider regeneration programme for the city centre."The building will go on the open market and the authority is open to all offers including development Local Democracy Reporting Service said before going out for informal tender the local authority had to pay for marketing fees (£15,000), a development brief (£10,000), surveys (£10,000) and legal fees (£5,000).Following the marketing of the building other costs would include, agent disposal fees (highest of 1.5% of sale price or £40,000), legal fees (highest of 1% of purchase price or £35,000) and a section 123 best consideration valuation – RICS Registered Valuer (£10,000).The council said it would achieve value for money by appointing professional advisers through a national local authority framework. Follow Peterborough news on BBC Sounds, Facebook, Instagram and X.
Reuters
23 minutes ago
- Reuters
Air India completes fuel control switches inspection on Boeing 787 planes, no issues found, NDTV reports
July 16 (Reuters) - Air India has completed the inspection of fuel control switches on Boeing 787 planes (BA.N), opens new tab with no issues being found, Indian broadcaster NDTV said on Wednesday, citing an official. Air India did not immediately respond to a Reuters request for comment. Reuters could not immediately verify the NDTV report.
The Sun
23 minutes ago
- The Sun
Alexander Isak disappointed over botched contract offer as Liverpool declare war on Newcastle with Ekitike talks
LIVERPOOL have declared war on Newcastle by opening talks with Eintracht Frankfurt to snatch Hugo Ekitike from Toon's clutches. The Reds are ready to scupper the Magpies' swoop for the French forward, 23, after being told top target Alexander Isak is not for sale at any price by the North East club. 3 3 Liverpool had been ready to launch a whopping British record £120million bid for the 25-year-old Swedish striker. But now Arne Slot is ready to make a power play and throw a grenade on Eddie Howe's plans to break Newcastle's transfer record and pair up Isak with Ekitike. SunSport understands Liverpool officially approached German side Frankfurt today to begin discussions over a fee for Ekitike. It's the latest twist in the double transfer battle between the Merseyside giants and Newcastle. And this latest development could potentially force Toon's 25-year-old Swedish superstar into shelving negotiations for a new-and-improved contract at St. James' Park. Toon's 27-goal top scorer was originally promised a new package by the Magpies' former co-owners Amanda Staveley and Mehrdad Ghodoussi. But one of the first decisions by now ex-sporting director Paul Mitchell last summer was to put those negotiations on ice - leaving both the hotshot and his camp disappointed over the previous regime's commitment not being honoured. The now-departed Mitchell, who was navigating Toon through tricky PSR waters, took the view Isak was already well paid on £130,000-a-week and that his future was secure due to being tied to the club until 2028. 3 Isak still produced on the pitch, firing Newcastle to their first major piece of silverware for 70 years and securing Champions League qualification, but there has been no progress since on whether he is willing to commit his long-term future to the club. Though they are willing to smash their £150,000-a-week pay ceiling and make him the best-paid player with an annual package worth more than £10m-a-year. What's next in Gibbs-White to Tottenham saga? | Transfers Exposed Talks were planned for this summer but Liverpool's interest threatens to throw a bomb into those plans - although Howe continues to dig his heels in and refuses to lose his talisman. Newcastle have been defiant that last season's 27-goal top scorer was going nowhere and are prepared to offer him improved terms on his £130,000-a-week deal to stay. His dream, having already added Isak's international team-mate Anthony Elanga to his attack, was to bring in Ekitike to play with the pair. Howe is desperate to make it third time lucky having missed out twice on Ekitike in 2022 as he opted for PSG and the Magpies instead signed £63m Isak from Sociedad. But fears are now mounting that, with no verbal agreement in place between the player and Toon, if Liverpool's interest is serious then he would find it hard to say no to them. Frankfurt rejected a £70m bid for Ekitike from Newcastle on Tuesday and are holding out for a figure closer to his £86m release clause. Now the chase for the ace, who cost just £14m from PSG last summer, is hotting up after Liverpool's attempt to hijack the move. As reported yesterday, Isak has not yet pushed for an exit but it is felt he would be keen on joining the Premier League champions. And Toon chiefs feel that Liverpool's public pursuit of him and Ekitike is part of a ploy to try and unsettle him and force Newcastle's hand. Though, as it stands, Isak is still expected to head back with the Magpies squad from their pre-season camp in Austria and face Celtic in a friendly at Parkhead on Saturday.
