Creditors holding £5bn of debt have been spooked by default of parent company this month
Shortage of data raises questions over condition of infrastructure as groups seek sharp increases in bills
A potential failure at the UK’s biggest water provider could carry sector-wide risks, survey finds
Investors grow nervous over financing technique likely to be used by government for future projects
US manager known for aggressive approach bets markets are too pessimistic about potential losses on utility’s debt
Troubled utility asks regulator to approve higher expenditure alongside potential rise to bills
Government contingency plans could see bulk of debt taken on by state with utility split in two
Special administration might limit fallout for other utilities and provide a chance to tackle unwieldy structure
Chancellor says UK government will never insure investors against poor decisions
Notes on performative default and Chekhov’s water pistol
In 32 years since privatisation £78bn has been paid out of utilities
Ballooning leverage and excessive financial engineering are among the unnerving parallels with the 2008 financial crisis
Investors calculated that it would take £8bn of fresh equity to comply with Ofwat conditions
Separating punishment for past sins from future investment should be the priority
Australian group had been criticised for loading UK utility with debt
Investors should stop using an approach that many have long regarded as fundamentally flawed
Formal notice to bondholders fires starting gun on complicated debt restructuring
Plus, Switzerland blocks documents from AT1 bondholders and Blackstone sells a high-fashion building
Bank of China and ICBC in a group of four banks behind £190mn loan that matures end of April
The utility’s owners are to begin urgent restructuring talks
Disclaimer: it’s not simple, nor a trick
Political headache intensifies for Sunak as utility’s parent company Kemble dices with insolvency
England’s experiment with privatising natural monopolies has misfired
Utility wants to raise bills by 56% by 2030 in effort to stop investors walking away
UK’s biggest water utility, the government and Ofwat are at an impasse over its finances
