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Creditors prepare a “final” offer as Burnham faces a nationalisation decision

Creditors are preparing a revised rescue offer described as “final,” but its numbers have not been settled. It would write down about 35% of the debt, compared with 30% in the earlier proposal, and include £3.5bn in equity plus £6.55bn in debt. The equity amount is up from the £3.35bn proposed in March. Meanwhile, Prime Minister Andy Burnham faces a decision on nationalising Thames Water. The Financial Times reports that he has been reluctant to take the company into state ownership despite earlier support. The offer is still taking shape, and the ownership decision remains open.

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