Thames Water ruling: Throwing good money after bad

EMBARGO: Immediate Release

Thames Water has just won court approval for an emergency debt package worth up to £3 billion. Liberal Democrat MP Charlie Maynard urged the High Court in a witness statement on behalf of TW’s customers to stop the company from taking on an extra £3 billion in debt - on top of their existing £17 billion debt pile. 

Following the news, Liberal Democrat MP for Witney Charlie Maynard MP has said: 

“I stand by my evidence to the court that allowing Thames Water to take on £3bn more debt is not in the interests of their millions of customers. They will all be paying the price for this futile, expensive, and extremely short-term bail out.

"This restructuring is simply throwing good money after bad. The money from our bills which is being spent on interest repayments is desperately needed to repair water infrastructure, improve customer service, and clean up our rivers.  

"I intend to keep fighting for Thames Water’s customers by appealing this judgement. The only way to get Thames out from under this mountain of debt, and back onto a stable financial footing at this point is to put the company into Special Administration with a swift exit plan.”

ENDS