Exit from Administration expected within weeks.
"We need to continue to work together for passengers"
Tim O'Toole
London Underground Managing Director

We need to continue to work together for passengers

Metronet's exit from Administration and transfer to Transport for London (TfL) progressed further today, as the PPP Administrators from Ernst & Young confirmed that a court hearing will take place on 23 May to set a date for the transfer of the people, assets and contracts of Metronet to TfL control.

London Underground Managing Director, Tim O'Toole, said: 'We have now begun the final process of removing Metronet from Administration, which is a major achievement and extremely good news for London's Tube passengers.

'We anticipate that the Metronet business will transfer to Transport for London during the next few weeks.

'In dealing with the collapse of Metronet, and through the Administration process, there have been two key priorities.

Stability

'First, to ensure the continued safe and reliable operation of the Tube network for passengers.

'That has been achieved and I would like to pay tribute to the hard work and dedication shown by all Metronet and London Underground staff, as well as the PPP Administrators.

'We need to continue to work together for passengers.

'Secondly, following Administration, we will seek to put in place a stable, economic and efficient structure that is better able to deliver Transport for London's investment priorities leading to increased capacity on the Tube in future, along with station, security, accessibility and communications improvements.

'The transfer to Transport for London control will enable us to re-look at the structure of the Metronet PPP contracts and properly plan for the future.'

Notes to editors:

  • The hearing is scheduled to take place on 23 May 2008 in Liverpool so that it can be heard by Mr Justice Patten who has been assigned to hear applications in Metronet's Administration and is sitting in the city that week. The PPP Administrators will now write to Metronet's creditors to inform them of the date and time of the court hearing
  • Metronet Rail BCV and Metronet Rail SSL entered PPP Administration on 18 July 2007. London Underground is working closely with the Administrators, Ernst & Young, to ensure all necessary maintenance and renewal works continue
  • Metronet Rail BCV is responsible for the maintenance and renewal of the Bakerloo, Central, Victoria and Waterloo & City lines
  • Metronet Rail SSL is responsible for the maintenance and renewal of the sub surface lines - the Circle, District, Hammersmith & City and Metropolitan lines.