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