Thames Water said it remains in talks about a potential takeover after receiving six approaches since it launched a fundraising process last year.
The UK's largest utility, which has desperately been battling to stay solvent under the weight of its debts and substantial fines for regulatory lapses, said yesterday after winning court approval for an emergency £3 billion loan, that it has since been carrying out an assessment of each proposal.
Thames, which has a £19 billion debt pile, said in a statement today that it has received approaches from six parties, mostly from existing bond holders.
"The proposals involve a range of potential valuations, structures and outcomes for stakeholders. Of the five proposals that provided financial metrics, all except one (from a Class B Creditor and with significant conditions attached) indicated a material impairment of the Class A debt.
"The sixth proposal was for minority equity, intended to partner with investors, and did not set out financial metrics.
"In certain of the contemplated proposals, relevant creditors would receive – in exchange for debt impairment – certain rights to share in future growth in the value of the Company, and/or will have the ability to co-invest in the business."
The provider of water and waste services to 16 million in and around London added that most of the proposals are "conditional on further, and varying, regulatory support and accommodations being achieved".
Thames said talks with some of the parties are ongoing, although there is no certainty that a binding deal will be made or that any of the proposals will be capable of being implemented.
As a result, separate talks are also being held on "alternative transaction structures" to try and raise funds for the business.