Kemble Water Finance has announced it will default on interest payments on a £400m debt. On Friday, Kemble Water Finance issued a formal notice of default to its bondholders, announcing that interest payments on a £400m bond due to debtors had not been paid. Including Chinese state-owned firms and a unit of the Abu Dhabi Investment Authority, announced last week it intended to stop paying interest on these debts.
Stalemate with the Government and regulator Ofwat over paying dividends and the right to raise bills. The company has debts of around £15bn, according to the best available figures. Thames Water’s parent company is currently. Market analysts have reacted negatively to news of a default, which has put even more pressure on the embattled utility company. Andrew Lee, an analyst at KNG Securities, said that only a few hedge funds were currently trading the debt of the company, given its negative outlook
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