Nonprofit firm to buy Railtrack

Posted on June 28, 2002

State-backed nonprofit firm Network Rail is buying Railtrack Group PLC. Railtrack was placed into administration last October, and trading in the company's shares resumed Thursday for the first time since October. The company agreed to sell its core rail infrastructure business to Network Rail for $763 million. Railtrack also sold its interest in a rail link from London to the Channel Tunnel to London & Continental Railways Ltd., and rights to operate the link and London's St. Pancras Station to Network Rail. Shareholders will vote on the changes at a general meeting on July 23. Network Rail said it has agreed with a committee of Railtrack bondholders that it will repay Railtrack's outstanding bonds early and has acquired a short-term bridge facility to acquire the company, refinance existing debt at the end of July and fund operations.

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