The lenders compete for the clarification Times water They demanded that the troubled company be granted and managed to immunize the prosecution of serious environmental crimes as a condition to obtain it, which could reveal the Guardian.
The creditors of the Minister of Environment, Steve Reed, want to grant the extraordinary water company from a series of strict rules that cover everything from wastewater spills to failure to upgrade water treatment.
If the demands, if it succeeds, will make the Environmental Agency (EA) to be largely powerless to take enforcement measures against the largest water company in Britain for some of the most dangerous criminal violations of its licenses and permits.
The Times Water was The serial perpetrator in recent yearsHe paid tens of millions of pounds in fines and penalties, with multiple convictions Something raw wastewater in rivers and tables and Dozens of investigations ongoing.
The fate of the severe debt tool has been thrown to more doubt this week when the private stock company in the United States is KKR Leave an auction to buyQuoting concerns about politicization and bad situation in its origins.
This left a different division of about 100 bond holders, who provided the company combined about 13 billion pounds, as the only bidder. If the symptoms of creditors fail, the Times water It is likely to fall into state ownership through the Special Administration system – the fate of the treasury desperate to avoid it.
The sources described the list of demands as creditors as a “ransom note”, which confirmed its strong situation to negotiate as “the last offer in the city.”
The creditors argue that the failure to secure leniency from fines and enforcement will mean that the Times water has been discovered in the “perishing ring” that prevents them from recovering sufficient money and injecting them into its tiring network. The company, which includes 16 million customers in the London, Valley and 8,000 employees, operates at about 20 billion pounds of debt and runs out of money.
Applications have been part of the plan to transform creditors that were placed on the water regulator, Offat, in recent days. Among the proposals is that EA stops imposing personal responsibility for the Times Water managers and does not follow its enforcement on the company’s failure to provide a large number of infrastructure promotions, known as the Winep National Environment Program (WINEP).
In December, the guard Towards rewards and profits, Exciting from Offat investigation. Customers have already paid for these projects through their bills. The Times Water failed to provide more than 100 wine scheme 812 due to between 2020 and 2025.
Other creditors requests include not to prosecute the Times water for wastewater on dry days or to “Flow to Full Treatment” is a license breach Where EA and Police of Offat are the extent of sewage actions that their factories can treat at any time.
They also want the Times water to be exempt from judicial prosecution due to violations of industrial emissions, which governs pollution in rivers, tables, lands and air.
To achieve these requests, creditors want Red to make a strategic decision to order EA to enforce enforcement.
The trustee revealed in March that the tims water was Demanding tolerance for fines and penalties In order to attract the offers of offers and stop the criticism they may pump from leakage.
However, he surprised the creditor’s demands, and asked for a semi -space immunity for serious environmental crimes, from those familiar with the water industry, who warned that it may raise legal challenges from competitors or lead to more special treatment requests.
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Last month or offat The company is fined 123 million pounds On sewage breach and profit distributions. The organizer said that his achievement revealed failures about the Times processing with wastewater and wastewater, which reached a “major violation” of its legal obligations.
EA is still following parallel investigations in the Times water due to the alleged failure to comply with environmental permits, and has powers to try the company.
The creditors are expected to write a large percentage of their debts in exchange for seizing the company. Time is running out to find a solution to keep him standing on his feet because it burns through 3 billion pounds of high -interest rescue loans.
A spokesman for the creditors declined to comment on commercial discussions, but confirmed his required plan “organizational support”.
They said: “The creditors’ proposal will repair the basics, protect public health and determine the priorities of the improved results for customers and environmental.” “In addition to a detailed operational plan and billions in the new investment proposed by creditors, Themes Water requires basic reset and organizational support so that the validity of assets and performance can be restored to the levels that customers and the environment deserve.
“The creditors are obligated to work with the government and the organizers to achieve this result as soon as possible and they expect the Times water to be calculated to provide a realistic path, but an ambition for the company’s return to compliance.”
A government spokesman said: “The company is stable and the government carefully monitors the situation. We expect the company to continue to meet its obligations towards customers and the environment,” a government spokesman said.
“Our focus is on ensuring that the company takes the correct steps to make a transformation in its operating performance and enhance its financial flexibility for the benefit of customers. We evaluate whether it is [creditors’] Realistic and subjected plans and will provide great benefits for customers and the environment. “
“In order to be investigative, we and potential investors need to participate in discussions with our organizers,” said Times Water.
