Why is Thames Water in so much trouble?

Thames Water has been fined a record £122.7m by Ofwat for failing to protect the environment and its customers, leading to struggles in fixing leaks, sewage spills, and outdated infrastructure. The company faces penalties for breaching sewage rules and making undeserved payments to shareholders. With a debt of £22.8bn, Thames Water is seeking approval for a funding deal to restructure its finances and attract new investors to prevent potential nationalization.