Thames Water 'sleepwalking' into bad deal for customers, investor says

Thames Water should be put into administration rather than "sleepwalking" into a deal that is bad for customers, according to an investor which wants to buy the business. The UK's largest water company, which serves 16 million customers, is set to run out of cash within 12 months without a rescue deal. A group of its existing lenders has offered to write off 30% of its debt and inject billions in new money but want leniency from future pollution fines. Hong Kong's CKI Holdings Limited wants a chance to table a rival bid. The group of lenders said CKI already had a chance to buy Thames Water. The government said it would put the utility in administration "if that were to become necessary". The government has previously said it would prefer "a market-based solution" and said it could not comment on ongoing negotiations. The BBC understands that a decision by regulator Ofwat on whether to recommend to government that lenders to the company take ownership of the troubled utility is still under discussion with a "variety of opinions" from board members and a decision expected this summer. CKI Holdings insists that Thames Water's 16 million customers would be better served by allowing it