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Dutch bank ING is key lender to Thames Water parent as cliff-edge looms

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ING and a major Chinese institution are said to be among the financiers owed £190m by Kemble Water Finance at the end of this month as Thames Water faces into a financial abyss, Sky News learns.

The Dutch banking giant ING has been thrust into a pivotal role in determining the future of stricken Thames Water’s parent company amid growing expectations that lenders will agree a loan extension ahead of a repayment deadline this month. Sky News has learnt that ING is among the lenders due to be repaid £190m by Kemble Water Finance at the end of April. A large Chinese bank is also said to have a significant position in the loan facility, according to banking sources.

The company employs about 7,000 people, and serves nearly a quarter of Britain's population. It is, however, drowning in more than £18bn of debt, with huge interest payments required to service it. This week, its credit rating was downgraded closer to junk status by the ratings agency Moodys.

 

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