Thames Water locked in rescue deal talks with creditors
The firm's bosses are discussing a proposed deal with its main creditors
Britain's biggest water supplier says it remains locked in talks with creditors about a potential rescue deal.
Thames Water is currently in talks with a consortium of its main creditors, named London & Valley Water, which has submitted plans to pump investment into the utility and write off debts in return for more lenient performance targets.
The firm has also seen rise in complaints from customers after it increased bills.
Chris Weston, chief executive of Thames Water, said:
"We continue to work closely with stakeholders to secure a market-led solution that we believe is in the best interests of our customers and the environment.
"This in turn will allow the transformation of Thames to continue, a programme that will take at least a decade to complete and will restore the infrastructure and operations of the company."
Half-year results from the provider revealed underlying earnings surged to £1.2 billion for the six months to September 30, compared with £715.1 million a year ago.
It said it cut pollution spills by a fifth but also revealed customer complaints had soared by three-quarters to 55,158 after it hiked bills substantially in April.