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.
Three new partners and seven business restructuring advisers have been appointed to the new Preston office
Political and economic uncertainty behind the fall in confidence
Just Racing Services, operating company of the Manor Racing Formula One team has entered administration
Last year 16 oil and gas companies became insolvent, finds Top Ten firm Moore Stephens