(Reuters) -Thames Water said it has received an offer while commenting on a Financial Times report about a last-ditch rescue bid from former Liberal Democrat energy spokesman Rupert Redesdale and investment firm Muinin Holdings.
Without confirming the name of the bidder, a company spokesperson said the offer has “little credibility or viability to recapitalise the business”, adding that it is progressing discussions on the senior creditors’ plan with Ofwat.
The country’s biggest water supplier has been on the brink of nationalisation and has seen its debt pile balloon to 18 billion pounds ($24.48 billion) amid breaches of sewage treatment obligations.
Rupert Redesdale helms specialist water retailer The Water Retail Company, and joined Muinin as a director last month in preparation for the Thames Water bid, according to the FT report.
Rupert Redesdale did not immediately respond to Reuters’ requests for comment.
Thames Water has a separate offer for a rescue plan from its bondholders to inject 5 billion pounds in new equity and debt utility in exchange for looser pollution targets and clemency on fines. The plan is now being evaluated by Ofwat.
Redesdale’s plan would be the second offer after U.S. private equity major KKR walked away from a plan to inject 4 billion pounds ($5.44 billion) of equity in the embattled company last month.
Muinin, based out of Mayfair, specialises in alternative investments and helps capital raising on projects that include sustainability strategies alongside providing a range of trade finance investment management functions, as per its website.
($1 = 0.7352 pounds)
(Reporting by Kanjyik Ghosh in Bengaluru; additional reporting by Preetika Parashuraman; Editing by Rashmi Aich and Vijay Kishore)
