The Times water weighs a rescue at the last minute supported by the former peers

Digest opened free editor

Rola Khaleda, FT editor, chooses her favorite stories in this weekly newsletter.

The Times water weighs a final rescue from a former liberal democratic counterpart working with an unknown financial services company, which it claims can spoil Tetering useBest complicated companies’ structure.

Lord Robert Redesdale, a former liberal democratic energy spokesman, helped prepare a possible presentation of the Times water from Muinín Holdings, an investment company based in Mayfair, according to the people familiar with the matter.

Redesdale is the CEO of the water retail company, and it is a specialized water supplier. Redesdale, a member of the aristocratic MITFORD family, joined Muinín as director last month in preparation for giving bids.

The approach comes as the OFWAT water regulator Evaluating a rescue plan of 5 billion pounds From the THEMES Water Cleans, it was the only width on the table after the American private stock company KKR moved away from last month’s offer.

The Times Water, which is struggling under nearly 20 billion pounds of debt, did not return the process of offering its shares bidding, and instead focused on the proposal submitted These are the highest creditorsWhich includes the United States Elliott Management and Silver Point Capital.

“We will look at all the offers presented to us,” said Sir Adrian Montage in the correspondence published by a parliamentary committee on Wednesday. Montage revealed that the CK infrastructure and castle water – which Both of them gave preliminary bids Earlier this year-also indicated “the potential preparation for recovery”.

He added that An unknown entity called titanium He approached the Times Water, along with “an individual associated with the water industry with a detailed plan for re -drawing the Times water through the distinctive code of debt, but with low stocks.”

Recently, a montage was referring to Minin, although the company decided that there was no distinctive symbol, according to the people familiar with the situation.

Bond holders will also have a major impact on any offer due to the large amount of debt that must be restructured.

Muinín recently met with members of the group of creditors and their advisors. Meetings were also held with other stakeholders, including representatives of the Times Water unions.

It plans to raise new bonds from an investment vehicle headed by Redesdale called River Water Strategic Investments. This would collect up to 500 million pounds in the short -term financing to achieve stability in the tool, with the Times plans for the water itself to issue another league worth 5 billion pounds to support infrastructure and environmental standards.

The current Times debts of Themes Water will be converted outside the organized entity and to a new structure, where different categories of creditors can get a return from the future stock list. Muinín claims that the utility can be valued at 21 billion pounds in the public subscription within three years.

A person close to the bond holders said that Muinín’s proposal will require his approval to convert his debts into a “distant” vehicle, which can lead to huge networks, and thus “not something that can be delivered at all and will be frankly created.”

Last month, Readeselle dropped his liberal democratic affiliation and moved to become an independent member of the House of Lords, in order to preserve his political freedom.

He would also step down from his executive role and the Board of Directors of the Retail Water Company if a show continued, although he would keep a work share, according to the people familiar with the matter. The company itself is not a party to a possible offer.

“Our proposal is about building confidence in the financial stability of the Times water with a large investment in the environment,” Readesel told the Financial Times.

“The proposed offer will not require any criticism of the regulator’s requirements or immunity from the claim. We plan to invest in the long -term future for the company while understanding our obligations towards the bills’ motivation.”

The UK government said last month that it had “went up” preparations for the strange waters in the Special Management System, with reference to it He will reject the demands of creditors To exempt it from the main environmental laws.

CEO Ashok Tac, a former Standard Charterd banker, and its president Simon Phillips, head of the commodity trading specialist.

The Times Water said it continues to “believe that the restoration of sustainable drawing” is in the interest of everyone, and it “is progressing in discussions on the plan for the senior creditors with Offat and the owners of other interests.”

OFWAT said: “Our focus is on ensuring that the company takes the correct steps to make a transformation in its operational performance and enhance its financial flexibility for customers.”