Thames Water, which was due to run out of money, has been given a lifeline after a £3bn loan was approved by the High Court.
It will receive an initial tranche of £1.5bn to fund it until September 2025.
The loan will ward off nationalisation, giving the UK’s biggest water provider time to sort out its finances.
The government has been on standby to put Thames Water, which is struggling with £18bn in debt, into special
administration, a form of temporary nationalisation aimed at keeping the taps on in the event of financial collapse.
The company had said it would run out of money by 24 March.
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