Thames Water - comment

Hot on the heels of Kemble defaulting last week, the various corporate entities have hired advisors (Ernst & Young for the Kemble lenders and Rothschild for Thames Water). Today it is the turn of a portion of Thames Water bond holders who have hired Jefferies and Akin Gump to represent them. The next step in the process is waiting for some sort of proposal from Thames Water regarding tackling the new money need for the company. We might also get some news or colour from Ofwat regarding any modifications to the PR24 plan which might be more investor friendly or not. It is definitely getting interesting...