Metronet crisis: Administrator confirms TfL as sole bidder

Metronet's administrator has confirmed that Transport for London (TfL) is the sole bidder for the collapsed tube maintenance consortium.

Under TfL plans, the people and assets of the Metronet companies, BCV and SSL, will be transferred to two TfL nominee companies. They will be managed on a stand-alone basis while the long-term structure is agreed with Mayor Ken Livingstone.

London Undergroung managing director Tim O'Toole said: "An exit from administration as quickly as possible is the best way to maintain the continued safe operation of the Tube network, to mitigate the performance and cost risks that inevitably come with such a situation, and to ensure the continuation of the Tube's vital upgrade and renewal programme."

An exit from administration is planned for early 2008.

Metronet went into administration on 18 July after it was awarded £121m by PPP arbiter Chris Bolt. It was seeking a cash injection of £551m to cover preliminary cost overruns.