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Thames Water has hired a turnaround specialist as it battles to avoid collapse and renationalisation.
The stricken company has appointed Julian Gething to the newly created role of chief restructuring officer as it seeks to reach a deal with creditors and raise fresh funds.
Gething, 59, is a partner at turnaround consultancy Alix Partners, who earlier in his career worked on the administration and liquidation of media mogul Robert Maxwell’s publishing empire after his death in 1991.
Thames Water has a huge debt which could rise to around £18bn by March.
Restructuring specialist: Thames Water has appointed Julian Gething to the newly created role of chief restructuring officer as it attempts to reach a deal with creditors.
The UK’s largest water and sewage company has asked potential investors to submit rescue plans by Thursday this week.
Castle Water, which was co-founded by Conservative party donor and treasurer Graham Edwards, will offer to inject £4 billion, according to Bloomberg.
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