A Hong Kong company has submitted an initial 7-billion pounds ($8.8 billion) bid for a majority stake in Thames Water, a heavily indebted UK water supplier, the Financial Times said Friday.

Hong Kong’s CK Infrastructure has reportedly made a preliminary £7bn bid to take a majority stake in Thames Water, while indicating that it would require the company’s bondholders to take significant haircuts.

Thames Water has received a preliminary 7 billion pound ($8.86 billion) bid from Hong Kong's CK Infrastructure for a majority stake, the Financial Times reported on Friday, citing people familiar with the matter.CK Infrastructure indicated that it would require bondholders of the UK's biggest water suppl