This company is insolvent. It is insolvent because it over optimistically over leveraged. Put it into administration, sell off the business. Tell the lenders to take a jump (politely).
https://www.theguardian.com/business/2025/jun/07/bidders-demand-thames-water-granted-immunity-over-environmental-crimes
https://www.theguardian.com/business/2025/jun/07/bidders-demand-thames-water-granted-immunity-over-environmental-crimes
Comments
Everyone who owned it from Macquarie onwards did. Whether that was big shareholder payouts or loading debt on the balance sheet ...
But yes, you're right.