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Network Rail agreement may speed exit from administration
date 27 June 2002 source Railtrack plc type Press release
Network Rail Limited ('Network Rail') has today announced that it has signed an agreement for the acquisition of Railtrack PLC (in Administration) and that the transaction is recommended by the Board of Railtrack Group PLC. The transaction is stated to be subject to the approval of Railtrack Group PLC shareholders and certain other conditions including the discharge of the Administration Order. Network Rail has indicated that, if all conditions are met, completion of the acquisition is expected in August 2002.
John Armitt, Chief Executive of Railtrack PLC said: 'For all of us in Railtrack, resolution of the long term ownership of the company is very important and so this announcement by Network Rail is most welcome'.
Network Rail has announced its intention to make an early repayment of all bonds issued by Railtrack PLC, shortly after the completion of this transaction. As requested by Network Rail, we will forward to bondholders details of the proposals for early redemption shortly and expect to hold bondholders meetings during July.
For more information, please contact Railtrack press office on 020 7557 8292/3.
