Thames Water creditors appoint former minister for rescue deal

• Thames Water creditors have lined up Lord John Hutton, a former senior Labour minister, to chair the company if a rescue deal is successful.
• The creditor consortium, London & Valley Water, is pursuing a £10bn rescue deal for Thames Water.
• Thames Water and its creditors have offered a compromise to Pacific Investment Management Co. to secure £2.4 billion in additional rescue debt.
• The appointment of Lord John Hutton is part of the effort to win over the UK government.
• The rescue deal aims to address the financial challenges faced by Britain’s largest water supplier.