Private company Network Rail put forth a proposal to acquire the beleaguered rail company and is in ‘the final stages of discussions’ with banks and parent company Railtrack Group, according to a spokesman.
He added there would be an ‘early announcement’ concerning the deal
The proposal by NR, which is a debt-financed company limited by guarantee, was put forth on 25 March. Under its terms, Railtrack Group would receive £500m for its subsidiary.
Sources close to Railtrack have confirmed the deal with NR would put Railtrack out of administration.
NR chairman Ian McCallister would become chairman of Railtrack if the deal goes through.
McCallister is the former chairman of Ford UK and reputed to have brought the car company out of financial difficulties.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies