A cross-party committee of MPs has urged the government to reject a £10bn takeover proposal from Thames Water’s creditors and instead consider placing the company into special administration, a form of temporary nationalisation, according to BBC. The Environment, Food and Rural Affairs Committee said the plan from London & Valley Water, a consortium of more than 100 creditors, did not have the interests of the public, the company or the environment at heart.

Thames Water, which serves 16 million customers across London and the Thames Valley, owes roughly £20bn and has been working with creditors and government officials. The committee said the company and other poor-performing water firms were trapped in a “doom loop” of fines and warned Thames Water could likely accrue more than £900m in penalties over the next five years. Thames Water said it needed to be recapitalised and put on a firm financial footing, while London & Valley Water said its enhanced proposal was the fastest route to fix the company’s problems.