Post by Deleted on Oct 25, 2007 11:21:21 GMT
From the BBC website, seems TfL are offically going for Metronet, so back in house then for SSL & BCV infracos.
news.bbc.co.uk/1/hi/england/london/7061286.stm
Full arcticle here -
Bid made for troubled Tube firm
Metronet went into administration after a £2bn overspend
Transport for London (TfL) has lodged a formal bid to buy the collapsed Tube maintenance firm Metronet.
Metronet is responsible for nine London Underground lines but it went into administration in July amid serious financial problems.
It had planned to invest £17bn over the next 30 years, under the terms of a public-private partnership (PPP) deal.
By agreeing to take on Metronet's £1.6bn of debt, TfL will assume control of the firm for a nominal sum.
A deal has been reached for a change of management, which includes sizeable pay-offs for outgoing managers, BBC London's Transport Correspondent Andrew Winstanley has learned.
Our correspondent said the new chief executive is Andie Harper, a former LU manager, who recently worked as a project manager on Edinburgh's tram scheme.
Exit strategy
Metronet went into administration after predicting a £2bn overspend by 2010.
Its collapse led to a 72-hour strike in September by Metronet staff over concerns about job security and pensions.
Until a new owner is found, the firm is being run by administrators Ernst & Young.
Tim O'Toole, of London Underground, said he hoped for a swift conclusion to the bidding process.
He said: "Once under Transport for London control, we seek to put in place a stable, economic and efficient structure that is better able to deliver our investment priorities that will lead to increased capacity on the Tube in future.
"We strongly believe that the best and most robust way to achieve our ultimate goal is for an exit from the administration process as early as possible.
"It is for this reason that we have now lodged our formal bid for Metronet, which I trust can be concluded as swiftly and efficiently as possible."
Metronet maintains nine of the 12 Tube lines - Bakerloo, Central, Victoria, Waterloo & City, Circle, District, Metropolitan, Hammersmith & City and East London.
news.bbc.co.uk/1/hi/england/london/7061286.stm
Full arcticle here -
Bid made for troubled Tube firm
Metronet went into administration after a £2bn overspend
Transport for London (TfL) has lodged a formal bid to buy the collapsed Tube maintenance firm Metronet.
Metronet is responsible for nine London Underground lines but it went into administration in July amid serious financial problems.
It had planned to invest £17bn over the next 30 years, under the terms of a public-private partnership (PPP) deal.
By agreeing to take on Metronet's £1.6bn of debt, TfL will assume control of the firm for a nominal sum.
A deal has been reached for a change of management, which includes sizeable pay-offs for outgoing managers, BBC London's Transport Correspondent Andrew Winstanley has learned.
Our correspondent said the new chief executive is Andie Harper, a former LU manager, who recently worked as a project manager on Edinburgh's tram scheme.
Exit strategy
Metronet went into administration after predicting a £2bn overspend by 2010.
Its collapse led to a 72-hour strike in September by Metronet staff over concerns about job security and pensions.
Until a new owner is found, the firm is being run by administrators Ernst & Young.
Tim O'Toole, of London Underground, said he hoped for a swift conclusion to the bidding process.
He said: "Once under Transport for London control, we seek to put in place a stable, economic and efficient structure that is better able to deliver our investment priorities that will lead to increased capacity on the Tube in future.
"We strongly believe that the best and most robust way to achieve our ultimate goal is for an exit from the administration process as early as possible.
"It is for this reason that we have now lodged our formal bid for Metronet, which I trust can be concluded as swiftly and efficiently as possible."
Metronet maintains nine of the 12 Tube lines - Bakerloo, Central, Victoria, Waterloo & City, Circle, District, Metropolitan, Hammersmith & City and East London.
