Metronet almost out of administration

Metronet could be removed from administration during the next few weeks, London Underground managing director Tim O’Toole revealed.

O’Toole made the comment after London mayor Ken Livingstone approved the schemes drawn up by Ernst & Young to transfer the two Metronet businesses to Transport for London.

The administrators will now apply to the High Court for a transfer date, which is expected to be a few weeks after the May 1 mayoral election, the Daily Telegraph reported.