The High Court today agreed to the Secretary of State's application
for the lifting of the Railtrack Administration Order. It is expected
that the transfer to Network Rail will be completed on Thursday,
October 3.

The Administrators did not object to the application.

Alan Bloom said ' We had two tasks when we were appointed nearly a
year ago. While looking after the interests of creditors and the
shareholder, we had to ensure that the railway continued to operate
and we had to arrange for it to be transferred to a new owner. The
discharge of the Administration Order will enable this to happen.

Throughout this complex and arduous process we have received a level
of support from the managers and staff at Railtrack, led by John
Armitt, which speaks highly of their commitment to running the
railway. We wish them and Network Rail well in the future'

ENDS

For further information:
Michael Henman, Edelman Public Relations: 020 7344 1345

Railnews Archive ::: 2002-10-01 RTK-001