Railtrack Group, the company that owns Britain's rail infrastructure operator Railtrack Plc, will take Transport Secretary Stephen Byers to court this month. Railtrack, along with its shareholders, will pursue joint legal action against Byers to recover millions lost to investors when Railtrack Plc's share values declined after the company was put into administration. Byers said Railtrack Plc was headed for a deficit of $995 million by December and $2.4 billion by March, thereby forcing the company into insolvency in October 2001. A request has been made by Railtrack Plc for the disclosure of all key documents relating to the decision to put Railtrack into administration, which the company believes will support its case.
Railtrack to sue British government
Transport Secretary Byers said Railtrack Plc was headed for a deficit of $995 million by December and $2.4 billion by March, forcing the company into insolvency in October 2001.
March 5, 2002
1 min to read
Topics:Rail
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