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Story summary
- UK creditors propose a new Thames Water board to win rescue approval.
- London & Valley Water holds £17 bn of its £20 bn debt.
- Mike McTighe, Openreach chair, will replace Sir Adrian Montague, former chairman, as chairman.
- Liz Barber, Yorkshire Water CEO; Clive Selley, ex-Openreach CEO; and Dame Bernadette Kelly, DfT secretary, join the board.
- The plan includes a 10-year transformation, a golden share, and needs Ofwat approval of the capital structure.
