Thames Water will likely end up paying around £200 million ($250 million) to advisers by the middle of this year, as the firm looks to find an equity investor and cut its liabilities.

Thames Water, embroiled in a financial crisis, seeks court approval for a £3 billion rescue plan to avoid nationalization. Opposing creditors present alternative solutions, questioning the interests of minority stakeholders.

Thames Water is at present spending £15mn a month on lawyers and other advisers and the eventual bill for a restructuring could top £200mn, the company’s chief financial officer told London’s high court.

Britain's biggest water utility company, which has around £17billion in debts, secured the funding package in October amid fears it would become insolvent by Christmas.