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date 25 March 2002 source Railtrack plc type Press release
Railtrack PLC (in Railway Administration)
Alan Bloom, Chris Hill, Scott Martin and Mike Rollings were appointed Joint Special Railway Administrators of Railtrack PLC on 7th October 2001
The Joint Special Railway Administrators act as agents of the company and without personal liability
The Administrators note the proposal (subject to contract) to Railtrack Group PLC for its interest in Railtrack PLC and certain other assets from Network Rail Limited. A copy of the proposal has been provided to the Administrators and the Administrators are actively reviewing it in the context of the Administration.
The Administrators are pleased to note that the proposal indicates an intention to fully satisfy all of Railtrack PLC's creditors. The proposal also provides a payment to Railtrack Group PLC.
Since their appointment, the Administrators have been working with the executive management of Railtrack PLC to prepare the necessary information to market the business, with a view to achieving a transfer of the company's undertaking in accordance with the Railways Act 1993. Network Rail Limited's proposal has been received in advance of the commencement of any formal marketing process. Whilst good progress is being made the formal marketing process is not expected to commence for some time. In meanwhile, the Administrators will continue to consider any proposal received on their merits.
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For more information please contact Railtrack press office on 020 7557 8292/3 or Ian O'Doherty at Edelman 020 7344 1554
