Kemble Water Finance, parent company of Thames Water, has defaulted on its debt to creditors after failing to make an interest payment which was due on Tuesday according to reports in online media, including Reuters, Financial Times, Bloomberg and City AM.
Thames Water parent company Kemble Water Finance has defaulted on its debt to creditors after failing to make an interest payment which was due on Tuesday according to reports in online media, including Reuters, Financial Times, Bloomberg and City AM.
Reports in the press say that Kemble Water Finance it was asking its lenders and noteholders to take no creditor action to "provide a stable platform while all options are explored."
According to a report by Bloomberg, failure to make the interest payment has resulted in the holding company defaulting on around £1.4 billion of debt, triggering cross-default across all of the holding company’s debt.
In addition, Thames Water (Kemble) Finance has also sent a formal notice of default to the holders of £400 million pounds bonds due 2026.
Yesterday two credit ratings agencies, Fitch and S&P, cut the troubled utility's debt rating.
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