Railtrack PLC was expected to come out of administration early this week. But yesterday it emerged the deal had been held up by sticking points in Railtrack Group’s sell-off of the Channel Tunnel Rail Link, part of the rescue package.
A spokesman from Network Rail confirmed the companies were ‘still in negotiations,’ but could not say when the talks were expected to reach a conclusion.
In a statement, Railtrack Group confirmed the deal had been delayed saying: ‘Certain issues are still outstanding, some of which could have prevented cash being returned to shareholders within an acceptable timescale.
‘This has caused the Board to delay signing the contracts for the sale of Railtrack PLC and the Group’s interests in the Channel Tunnel Rail Link. All parties are confident that these issues can be satisfactorily concluded shortly.’
Last week, it was widely tipped that Railtrack would come out of administration today (Monday).
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children