Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
A new doubt was thrown during the race to Find a white knight buyer for Wames Water Because he finds it difficult to provide details on his labyrinthine network of pipes, sewer work and tanks.
Thames Water has increased the hunt for new investors arranged to pump billions of emergency capital pounds after the court of appeal Approved a bailout of the emergency debt of 3 billion pounds sterling of its existing creditors.
However, potential contenders fear that research will be retained by the failure of the company to hold a specific file of the Mountain of active that he has accumulated over the decades.
Thames Water has only weeks to conclude an agreement or one of the most vital public services in the country is facing an existence of the body prolonged in which lenders plunge enough money to the company each month to pay its bills.
“The board of directors must progress quickly to reasonable diligence, but it makes much more difficult. How do you put a value to the business if you don’t know what it has? ” A source close to talks said.
The company hopes to select a favorite part in a field of six bidders by the end of June and to be in the hands of a new owner by the end of September.
Thames Water says that it maintains 20,000 miles of water pipes, uses more than 68,000 miles of sewers and has 5,235 pumping stations. Its assets are estimated at just over 20 billion pounds Sterling, according to an investor report published in September 2024.
However, last year, it was revealed that a third of its network was not mapped. In response to a request for freedom of information from the Financial Times, the Water and Southern Water Thames admitted that they only mapped the pipes they worked on, which means that the expanses of their respective networks were not counted.
South water, which must have borrow hundreds of millions of pounds in hedge funds While his credit plunged, said that he had lost track of 40pc of his sewer system. The company blamed the “prohibitive” cost of maintaining a count.
The missing data on the real scale and the state of the assets of Thames Water, was a persistent problem in his efforts to persuade the creditors to intervene with new funds to see the threat of nationalization.
Without knowingly knowing the infrastructure on which he is seated, the company and its lenders had trouble calculating precisely how much money it must set aside for repair work and upgrades.
A source in the industry said that Thame Cleaning Network has been lost over time, which practically makes it impossible for the company to have a complete handle on the place where all its pipes are.
