According to reports, WestLB has written to Ernst & Young, the Railtrack administrators, outlining its proposed approach of avoiding a competitive auction, saying the size and complexity of the company made such a process difficult and would delay any restructuring of the company.
Although E&Y has yet to respond, it is believed WestLB pitched the idea to the administrators at a meeting last week, followed up in a letter which raised the bank’s concerns about a possible conflict of interest at the Transport Department over the proposed not-for-profit bid.
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