Thames Water has hired a turnaround specialist to avoid a collapse and renationalisation.
The stricken company has appointed Julian Gething to the newly created role of Chief Restructuring Officer as it tries to close a deal with creditors and raise new funds.
Gething, 59, is a partner at turnaround consultancy Alix Partners, who early in his career worked on the administration and winding down of media mogul Robert Maxwell’s publishing empire after his death in 1991.
Thames Water has a huge debt pile that could reach almost £18 billion by March.
Turnaround specialist: Thames Water has appointed Julian Gething to the newly created role of Chief Restructuring Officer as the company seeks to close a deal with creditors
Britain’s largest water and sewerage company has asked potential investors to submit rescue plans this Thursday.
Castle Water, co-founded by Tory party donor and treasurer Graham Edwards, will offer to inject £4 billion, according to Bloomberg.
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