London:
The Financial Times said on Friday that a Hong Kong company has presented a bid of 7 billion pounds ($ 8.8 billion) for the majority stake in Temes Water. CK Infrastructure, Part of the CK Hutchison Group, carried forward the non-comprehensive resolution earlier this month, but according to two people of the issue, the bondholders of utility are expected to take a significant retired.
The news came on Tuesday after a UK court approved an emergency loan of 3 billion pounds for Temes Water, offering it a lifeline as it was baked under a mountain of loan.
The loan provides a short-term solution to keep the company-faced with a loan of-16 billion pounds-in addition, while it gets the necessary funds required to close an expensive public bailout.
When asked by AFP, Tems Water did not comment on the FT report.
If the company that serves 16 million customers, or a quarter of the UK population fails to find funding, it will have to call the state to bail it. Such a defense will be a shock to the government in front of tight public finance.
Temes Water – Ontario Municipal Employees of Canada have recently attracted interest from private buyers under the ownership of a union of a union, including the retirement system and supernation scheme of British universities.
Infrastructure investor Kowlis Capital proposed an upfront byout proposal of 1 billion pounds, with the ability to bring the French utility to the veteran.
According to the Financial Times, Tems Water has also received other proposals including a bid of 4 billion pounds from the US Investment Fund KKR.
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)
