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Thames Water creditors line up former Labour minister Lord Hutton as chair in a bid to stave off nationalisation

Thames Water creditors line up former Labour minister Lord Hutton as chair in a bid to stave off nationalisation

Lord John Hutton would take the chairmanship only if the London & Valley Water consortium's £10bn rescue bid secures approval from ministers and regulators. The consortium includes Wall Street heavyweights Elliott Management and Apollo Global Management. Thames Water carries debts of close to £20bn and has just requested a further £2.4bn in emergency funding. Prime Minister Andy Burnham has reportedly instructed officials to develop more radical options for the company.

Mike McTighe, originally announced as chair, has been moved to the role of vice-chair designate.

MPs on the Environment, Food and Rural Affairs Committee called for the takeover to be rejected.

Hutton served under Blair and Brown as defence, business and work and pensions secretary.

MoreThe TimesThames Water creditor group chooses Lord Hutton to lead overhaulThe GuardianThames Water creditors secure former Labour minister to drive rescue dealLBCThames Water lenders to appoint Lord Hutton as independent chair in takeover bidCity A.M.Thames Water could tap Labour peer as chair if rescue deal goes aheadReutersThames Water creditors pick John Hutton as chair designate - ReutersFinanzNachrichten.deLondon & Valley Water Ltd: Thames Water Chair Designate announcedThe Manila TimesThames Water Chair Designate announced - The Manila Times
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