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Railhub Archive
2002-06-27 RTK-001
Railtrack plc0
Network Rail agreement may speed exit from administration
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Railtrack plc
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   Network Rail agreement may speed exit from administration
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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.
Railhub Archive ::: 2002-06-27 RTK-001
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