(Bloomberg) -- Thames Water Utilities Ltd has postponed an update to its business plan originally scheduled for Friday, according to people familiar with the matter.

Directors of the heavily indebted water company were set to meet on Thursday, with an update to the plan expected the following day, Bloomberg previously reported. A new proposal is now expected next week, the people said. A spokesperson for Thames Water spokesperson didn’t immediately respond to a request for comment.

Thames Water supplies a quarter of the water and sewage services to England, including London. With £16 billion of debt, Thames is the most highly leveraged of its peers, and desperately needs to find billions of pounds to fund its five-year business plan. While Thames spends the money upfront, most of it is recouped through consumers bills, which are controlled by Ofwat.

When the update to the business plan finally comes, Thames Waters’ will be the last of all the water and sewage companies to submit it. The update is required by the regulator under a five-yearly price review process, known as PR24. Ofwat is due to announce its draft decision on the plans June 12 with a final determination in December.

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