<ul data-eligibleForWebStory="false"><li>Thames Water, the UK's largest water company, reported a £1.6 billion annual loss, a stark contrast to the previous year's £154 million profit.</li><li>The company is in a challenging financial situation with net debt at £16.8 billion, up from £15.2 billion, as it scrambles to stabilize its finances and avoid collapse.</li><li>Thames Water is working on a recapitalization plan funded by creditors to return to a stable financial foundation, but the turnaround process is expected to take at least a decade.</li><li>Despite improvements in operational performance such as reducing water leaks and household complaints, the company faced increased pollution incidents, with its creditors likely to take formal ownership in exchange for further investment.</li></ul>

Thames Water boss warns of decade-long turnaround as losses hit £1.6bn

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