Thames Water executives to receive bonuses from £3bn emergency loan

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Senior executives of the Times Water will receive the “luxurious retention incentives” as part of the emergency loan of 3 billion pounds, approved by the tool that seeks to circumvent.

Sir Adrian Montage, the Times President, said that some executives are in line with “50 percent of salaries; very large rewards” as part of the loan with creditors including American hedge funds Elliot and Silver Point President.

Montagu claimed that the Times Water was to continue to pay bonuses to prevent competing companies from “getting rid” of their best employees.

“We have a bonus plan to protect our most expensive resources, which is the senior management team,” said Montage of the Environmental Selection Committee through the party.

The rewards will be paid in three slices in addition to their annual salaries and bonuses.

Montage, a veterans in London, admitted that it was an extraordinary deal: “This is the first time that I faced this. I have done some restructuring in my time.” “We need this team to stay.”

Chris Weston, a former British gas executive, was appointed as the CEO of the Times Water in December 2023 and was criticized for obtaining a reward of 195,000 pounds during the first three months in this position. It is on a total payment package of 2.3 million pounds annually.

The selection session of the chosen committee comes at a time when the THEMES Water, which is the largest water benefit in the United Kingdom, is trying to prevent re -design under the government’s special management plan. The company, which serves about a quarter of the country’s population, is fighting at the weight of its debt, at a value of 20 billion pounds, and is in exclusive discussions with the KKR private stock company to take over the business.

The creditor loan comes 3 billion pounds – which was challenged in court by competing bond holders – at a rate of 9.75 percent interest, in addition to fees. But montage has argued that the company needs to agree to the deal because the financial crisis “raising hair” in the Times means that the largest water benefit in the UK has only five weeks left last year.

“Last year, the Times approached the money. There were times last year when we had five weeks of liquidity: a company of 20 billion pounds in liquidity for five weeks-frankly, it makes hair.”

Montage defended the agreement to give KKR the exclusive right to the deal, although themes Water received five other offers. He said: “The KKR offer was better, technically, financially, in terms of commitment to the provision of stocks, they were at the forefront.”

He added that he expected a lot of the board of directors to step down if the KKR deal is worth 4 billion pounds: “When you have a change in controlling a large company like this, you have to expect that there will be major changes in the council, it may be that the owners of new stocks want some people to remain to expect that the majority will decrease.”