Struggling British utility Thames Water said on Monday it had named Julian Gething from AlixPartners to a newly created role of chief restructuring officer to help with its debt-restructuring process.
Gething, whose appointment was supported by Thames’ lenders, will also sit on the board of Thames Water Utilities Ltd and other related entities.
Thames Water, Britain’s biggest water utility that is on the brink of being renationalized, is restructuring its debt, which could stand at about 17.9 billion pound by next March, after creditors approved a lifeline to extend its cash runway to February.
Gething will not be involved in the operational aspects of the business and the creation of the role will not result in any corporate redundancy program, Thames Water said in a statement.