BusinessBusiness RecoveryRailtrack ‘could last a year’

Railtrack 'could last a year'

Ernst & Young has admitted Railtrack could stay in administration for up to a year, but bidders have demanded faster action on the sale process.

Alan Bloom , the administrator, has told Railtrack staff they should expect the transfer to a new company to take place in the third quarter of next year.

Costing pounds 1m a day to run, the administration is now set to take far longer than the original three to six months predicted by transport secretary Stephen Byers.

At the same time, WestLB, the German bank backing the SwiftRail UK bid to run the railways, has asked the administrators to speed up the process.

At a meeting last week, the bank was told it would take three months to get into the Railtrack dataroom, six months to complete due diligence and at least another three months for the bid to be evaluated.

Links

Profit at ‘insolvent’ Railtrack

Railtrack report good news for E&Y

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor