By bizn_fun 
Thames has the option to ask its creditors for another emergency cash injection which would last for all of 2026, but they would only agree to this if a rescue deal is approved.
The company has faced heavy criticism for struggling to fix leaks, stop sewage spills and modernise outdated infrastructure.
Regardless of what happens to Thames or who owns the company, its water services will continue as normal.
The company warned in its half-year results there was still a “material uncertainty” over whether the deal would be secured.
The government has already selected administrators to step in if required.
The proposed deal from a consortium of Thames’s main creditors, named London & Valley Water, would see them pump investment into the utility and write off debts in return for more lenient performance targets.
They would write off a quarter of the money they are owed, with a smaller group of junior lenders’ loans written off completely.
The BBC understands that the group is hopeful their plan will get agreement in principle before the end of the year.
But the plan has many critics over the proposed leniency on fines for pollution and spillage.
London & Valley Water insists that allowing Thames to fall into administration will leave it in limbo, where its many problems will deteriorate.