Signal turns green at last for Tubelines
Sunday 29 December 2002
Tubelines, the consortium bidding for the £4bn contract to privatise part of the Tube, is finally expected to take over its section this week.
Barring any last-minute hitches, London Underground will transfer the Jubilee, Northern and Piccadilly lines to the consortium, so concluding the first part of the drawn-out and expensive PPP.
The Metronet group, which is to take over the rest of the Tube network, is not yet in a position to conclude its deal. However, it is hoped that it will assume control of the other Underground lines within a few weeks.
Tubelines has only two remaining partners – Bechtel, the US construction and engineering giant, and Jarvis, the controversial British maintenance firm – after Amey had to be bought out.
Despite that hiccup, the consortium has raised over £1.5bn of finance from City banks to fund the PPP deal.
Metronet, which is backed by the likes of Balfour Beatty, WS Atkins and Thames Water, has yet to complete its funding for the deal as it needs to raise a bond worth more than £1bn from the City.
The Tube PPP was due to have been completed more than nine months ago but has been held up because of legal battles with the Mayor of London, Ken Livingstone. The Government has had to underwrite more than £200m of costs for the bidders so the deal can be concluded.
- 1 Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
- 2 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 3 Nick Kyrgios calls former Olympian Dawn Fraser a 'blatant racist' after she tells Wimbledon star to 'go back where their parents came from'
- 4 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 5 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
Man who was struck and killed by lightning in Brecon Beacons 'was carrying a selfie stick'
Greece debt crisis as it happened: EU chiefs at loggerheads hours before Alexis Tsipras’s last ditch deal proposals
Bakery sends 'horrific' version of Frozen-themed birthday cake to unsuspecting customer
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
Greece debt crisis: Angela Merkel and Francois Hollande issue Athens with 24-hour ultimatum to avoid crashing out of the euro
Greece crisis: Referendum exposes a gaping hole at the heart of the European Union – its lack of genuine legitimacy
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...