Thames Water’s parent company defaults on £400m loan and asks creditors to ‘take no action’
The holding company of Thames Water has notified creditors that it has failed to pay interest on some of its enormous debt pile.
Bloomberg first reported that Kemble notified the holders of £400m ($505m) worth of its bonds that it did not pay the interest payments due on Tuesday.
Thames’ announcement, as seen by City PM said: “Interest payments in respect of certain debt instruments of the company, which were due and payable on 2 April 2024, have not been paid.
“The company and TW(K)F have begun to approach their lenders and noteholders to request that they take no creditor action so as to provide a stable platform while all options are explored with all key stakeholders. The company expects that it will be in a position to provide a further update in the coming weeks,” it added.
Thames Water and Kemble Holdings have been contacted for comment.
More to follow.