 The UK's biggest water and sewage company will be subject to special scrutiny from the regulator Ofwat for the next five years. Heavily indebted Thames Water will be subjected to a turnaround oversight regime to ensure it can fix chronic leaks and sewage spills, according to a draft ruling. The question is now whether Thames can attract new investors or convince Ofwat to increase returns before its final ruling in December. If not, Britain's biggest water company will run out of money.