Rail

Railtrack shut down

Posted on October 10, 2001

Government-appointed administrators took control of England's Railtrack after the company refused additional subsidies. Railtrack's chief executive, Steve Marshall, resigned after accusing the government of breaking its promises to the company, which was set up in 1994 to run the country's 20,000 miles of railway track. "Government’s treatment of my company, and its shareholders, has been shoddy and unacceptable. Commitments, whether financial or otherwise, are made to be kept not broken," Marshall said in a statement. Transportation officials agreed to use $537 million in frozen Railtrack assets to compensate shareholders. That amounts to $1.02 a share to be paid in cash when a new, non-profit company is formed to run the rail network. Formulation of a new company could take up to six months. For more, click on www.railtrack.co.uk.

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