BusinessBusiness RecoveryE&Y calls in investment bank to value Metronet

E&Y calls in investment bank to value Metronet

NM Rothschild to do valuation of the London Underground maintenance company

Investment bank NM Rothschild has
been brought in by Metronet
administrator Ernst & Young to do a valuation of the London Underground
maintenance company that collapsed after its costs ran £2bn over budget.

Administrator Alan Bloom is currently trying to get an auction going for the
business, which is owned by WS
Atkins
, Balfour Beatty, Bombardier, EDF Energy and Thames Water.

According to The Times, only Transport for London, the parent of
London Underground, has lodged a formal expression of interest in Metronet’s two
operating companies.

Further reading:

Metronet workers turn on administrators

Metronet revelations due this week

Balfour Beatty suffers £103m Metronet write-down

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