This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/6900360.stm
The article has changed 11 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Metronet is facing administration | Metronet is facing administration |
| (40 minutes later) | |
| Tube maintenance company Metronet is facing the threat of administration unless a last minute rescue plan can be found, the BBC has learnt. | |
| The firm needs an injection of cash to stay afloat and keep operating, BBC business editor Robert Peston said. | |
| The threat of collapse was triggered by a decision to limit the amount of money Metronet would be given, he added. | |
| Metronet has been under fire since a report found that it would overspend by about £750m on maintenance contracts. | |
| The company, a flagship of the government's Public Private Partnerships (PPPs), which use private sector money to fund state projects, has been embroiled in a battle over who should foot the bill. | |
| "Metronet has been a disaster for its owners, WS Atkins, EDF, Balfour Beatty, Thames Water and Bombardier," the BBC's business editor said. | |
| "Unless there's a last minute intervention by the Treasury this morning, Metronet will go into administration today," Mr Peston added. | |
| The BBC's business editor explained that the latest problems at Metronet had been triggered by a decision of the PPP arbiter to award only a fraction of the cash Metronet said it needed to keep going over the coming year. | |
| The arbiter's role is to ensure that this largest of PPPs delivers value for money. |