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Judge approves emergency plan to keep Britain’s largest water company afloat

By BRIAN MELLEY - Feb 18, 2025, 09:14 AM ET
Last Updated - Feb 18, 2025, 11:28 AM EST
Britain Thames Water
FILE - A general view of Thames Water plant in Twickenham, London, Wednesday, June 28, 2023.(AP Photo/Frank Augstein)

A judge has approved an emergency plan to keep Britain’s largest water company afloat and averted a possible temporary government takeover

LONDON (AP) — A judge approved an emergency plan Tuesday to keep Britain’s largest water company afloat, averting the possibility of a temporary government takeover. 

Thames Water, which serves 16 million customers in and around London, was seeking court approval for about 3 billion pounds ($3.8 billion) in rescue loans to prevent it from being nationalized when it runs out of cash next month.  

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Justice Thomas Leech ruled in the High Court in London that the company's restructuring proposal was a better alternative for the public than having Thames Water become insolvent and come under government administration, or a competing plan by a small group of investors.  

“There is a public policy in favor of rescuing the Thames Water Group and giving the market a chance to agree a permanent restructuring plan before the government is forced to fund a special administrator," Leech said. 

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