LONDON (AP) – A judge approved an emergency plan on Tuesday to make the largest water company in Groot -Britain float, which means the possibility of a temporary government takeover.
Thames Water, which serves 16 million customers in and around London, the court sought approval for around 3 billion pounds ($ 3.8 billion) in rescue loans to prevent it from being nationalized when the next month has no cash.
Justice Thomas Leech ruled in the Supreme Court in London that the restructuring proposal of the company was a better alternative to the public than that Thames became Water Insolvent and under the government administration, or a competitive plan of a small group of investors.
“There is a public policy for saving the Thames Water Group and the market to give a chance to agree a permanent restructuring plan before the government is forced to finance a special manager,” said Leech.
Without the financing, Thames Water would no longer have any money next month, which could force the government to take the reins temporarily. Both the government and the Thames Water said that water would continue to flow to customers, regardless of what happens.
The decision was welcomed by Thames Water chairman Adrian Montague as an “important milestone” to strengthen the finances of the company.
Thames Water has been the focus of criticism from consumers and politicians who say that the company was the author of his own accident, who pay overly generous dividends to investors and high salaries to managers, while they have not been invested in pipelines, pumps and reservoirs.
Managers say that the error lies with supervisors who kept accounts too low, starving the company from the money it needed to finance improvements.
Thames Water and the Water Industry have been the subject of rural disgust and indignation about unbridled sewerage pills in rivers and along the coast.
“This national scandal is a disaster for Thames Water Billpayers and the environment,” said Charles Watson, chairman of River Action, an environmental group. “Instead of acknowledging now, it is time for a special administration of Thames Water, the decision saddles customers with customers with the responsibility for the financing of billions of debts with a junk, while its managers, investors and shareholders escape the responsibility. “
Or what, that water companies in England and Wales arrange, approved an increase in consumer costs of Thames Water in December in December. The company argued that accounts had to rise by 53% to finance the required projects and to offer the financial return that is necessary to attract investors.
