UK rules prevent special treatment for Thames Water, minister says
Proposals aimed at overhauling the water sector published by Jon Cunliffe earlier on Monday suggested a formal turnaround regime should be established, giving struggling companies space to recover under so-called "regulatory forbearance".
"The legislation currently doesn't allow for that," Reed said.
"We're going to publish a white paper in the autumn, which will be our response to Jon's report today, and then consult, but as things stand, Thames need to resolve the situation themselves as a stand-alone, private company."
He said the government was prepared for Thames to enter special administration, a form of temporary nationalisation, if that became necessary.
"My hope and expectation is that the creditors will come to an agreement themselves," he added.
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