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Transport Secretary Stephen Byers has extended until Friday, 14 December, 2001, the period until which he will provide the Railway Administrator with sufficient funds to pay non-default interest, lease rentals and scheduled principal repayments.
Commenting on his decision, to extend the period, Stephen Byers said:
''We want to assure finance creditors of Railtrack plc that if the Railway Administrator accepts our proposal for a company limited by guarantee we intend to transfer their loans to the new company in a way that provides them with good investment grade credit quality. The extension will provide finance creditors with adequate time to consider our proposals.''
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