KKR Targets £8 Billion Cut to Thames Water Debt in Recovery Plan
KKR & Co. aims to slash about £8 billion ($10.7 billion) of Thames Water 's debt as part of its plan to turn around the beleaguered British utility, according to people familiar with the matter.
The US alternative asset manager is currently finalizing a proposal to submit to regulator Ofwat next month as part of the due diligence process for acquiring the company, the people said, speaking on condition of anonymity. While the full details are yet to be ironed out, KKR intends to wrap up a recapitalization in the second half of this year.
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