(Bloomberg) — The UK has been talking to administrators about next steps for Thames Water as it intensifies preparations for a possible form of temporary nationalization, according to a person familiar with the government’s plans. Environment Minister Steve Reed is rejecting calls from creditors for special treatment on sewage fines, setting the stage for a showdown which could end with plans to rescue the company falling apart. “The government would always act in the national interest on these issues,” he told UK lawmakers on Thursday. “Thames Water must meet its statutory and regulatory obligations to their customers and to the environment. It is only right that the company is subject to the same consequences as any other water company.” Reed was responding to reports that the creditors of the UK’s largest water and sewage utility are asking the government and regulator Ofwat to allow license changes and pass emergency legislation to protect it from environmental directives. The utility has long argued that being held to the same standards as well-run peers, and penalized for falling short, has made its turnaround efforts more difficult. Thames Water tops a list of water companies under criminal investigation for pollution by the UK government. “The company remains financially stable, but we’ve stepped up our preparations and stand ready for all eventualities, as I’ve said before, including special administration regime if that were to become necessary,” Reed told lawmakers. A Defra spokesperson declined to comment further. The company is seeking to restructure nearly £20 billion ($26.9 billion) in debt and raise fresh equity. It has warned that the weight of significant fines could hinder its efforts to stabilize its finances and recapitalize the business. Meanwhile, Ofwat faces mounting pressure to demonstrate it is in control of the situation and holding water companies to account for their shortcomings. Thames also faces £122.7 million in fines following investigations into its wastewater management and dividend payments. A probe into its treatment works and broader sewage network uncovered failings that constitute a “significant breach” of its legal obligations, Ofwat said Wednesday. The watchdog stipulated that the fines must be paid by the company and its investors — not its customers. The company’s senior creditors, including including Pacific Investment Management Company, Apollo Global Management, Elliott Management and Silver Point Capital, submitted a rescue plan to the water industry regulator earlier this month, which includes £5 billion of fresh funds and “several billion of debt writedowns” to ensure financial stability. The proposal seeks to cut Thames Water’s gearing — a measure used by Ofwat to assess debt levels relative to a company’s regulated asset base — from 88% to below 60%. 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