Thames Water’s €1 billion ($1.1 billion) of bonds due January 2031 are indicated at 72.8 cents on the euro. A debt restructuring — and consequently a default — is likely in the coming 12 months. BlackRock and Elliott Investment have been working on a plan to address the need for new funds and the unsustainable debt pile. The regulators keep demanding less pollution and do not allow a price rise. It is a political dynamite.
It is an interesting situation for speculators. It's too complex for me.
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