Tube operator faces insolvency
London Mayor admits tube operator could collapse
Mayor of London Ken
Livingstone has admitted that major tube operator Metronet could face
insolvency.
Metronet
, which handles nine of 12 tube lines, is struggling to handle a projected
£750m overspend on work to revitalise the tube system, said Livingstone.
Livingstone said that shareholders in Metronet, including Balfour Beatty and
WS Atkins, could choose insolvency for the company if it cannot manage its debt
situation, reported
The
Guardian .
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