Rail

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.

View comments or post a comment on this story. (0 Comments)

More News

Feds wants more proof of local money for Durham-Orange light rail line

Go Triangle expects its Board of Trustees to vote April 26 on a $70 million engineering contract, which would be executed only after the FTA allows the project to advance.

SEPTA trains collide, injuring 4

Crews are still working to remove the 18 cars involved, with each car weighing about 37 tons. The NTSB is on the scene and fully in charge of the investigation.

Minn. legislators attempting to move $900M from rail to roads, bridges

GOP legislators have long sought to block planning and funding for light-rail projects, saying they put metro-area priorities above rural Minnesota.

Alstom secures $105M Australian trainset contract

The contract will expand PTV’s fleet to 101 trains (606 cars) delivered from Alstom’s manufacturing facility in Ballarat since 2002.

DC Streetcar fares to remain free

The decision to hold off on charging fares was based on two reasons — District Department of Transportation feared charging even $1 per ride would scare away passengers and charging a fare would actually cost the District money.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close