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Topic: Railtrack

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In the News (Mon 19 Aug 19)

 Facts about topic: (Railtrack)   (Site not responding. Last check: 2007-11-07)
Railtrack plc was taken into Railway Administration under the terms of that legislation on October 7, 2001, following an application to the High Court (The highest court in most states of the United States) by the then Transport Secretary (additional info and facts about Transport Secretary), Stephen Byers (additional info and facts about Stephen Byers).
This, and other debt issues, caused Railtrack to approach the government for funding, which it controversially used partly to pay a dividend (That part of the earnings of a corporation that is distributed to its shareholders; usually paid quarterly) to its shareholder (Someone who holds shares of stock in a corporation) s.
The Railtrack business (and its £7 billion debt) had been sold to Network Rail (additional info and facts about Network Rail) for £500 million, and the various diversified businesses it created to seek to protect itself from the loss-making business of running a railway were disposed of to various buyers.
www.absoluteastronomy.com /encyclopedia/r/ra/railtrack.htm   (780 words)

 Railtrack - Wikipedia, the free encyclopedia
Railtrack was a group of companies which owned the tracks, signals, tunnels, bridges, level crossings and some stations of the British railway system from its formation in April 1994 until 2002.
Founded under Conservative legislation that privatised the railways, Railtrack took control of the railway infrastructure on April 1, 1994 and was floated on the Stock Exchange in 1996.
The trial of this claim against the Secretary of State for Transport commenced in the Chancery Division of the High Court on June 27, 2005 and ended on July 21, 2005; judgement against the shareholder group was given on October 14, the group decided not to appeal.
en.wikipedia.org /wiki/Railtrack   (927 words)

 Encyclopedia: Railtrack
Railtrack was a group of companies which owned the tracks, signals, tunnels, bridges, level crossings and stations of the British railway system from its privatisation in the mid 1990s until 2002.
Railtrack's shares will now be suspended, with the company's hundreds of thousands shareholders expected to get little, or possibly none, of their money back.
Railtrack's chairman John Robinson is expected to chair the new company, with the remaining directors chosen by the Strategic Rail Authority (SRA).
www.nationmaster.com /encyclopedia/Railtrack   (2297 words)

 CNN.com - Railtrack: Results show no meltdown - December 18, 2001 Posted: 1153 GMT
But Railtrack, which relies heavily on government funding for its profits, denies its subsidiary was insolvent before Byers told directors on October 5 he had stopped 450 million pounds of funding, due four days earlier, and future funds.
Railtrack Group said on Tuesday it had pre-tax profits for the six months to September 30 of 292 million pounds ($425.4 million), up from 175 million pounds from a year earlier.
Railtrack's results coincided with news that GB Railways Group, one of Britain's train operators, had a pre-tax loss of 1.8 million pounds in the six months to September 30, reducing the previous year's 2.1 million pound loss.
cnnstudentnews.cnn.com /2001/BUSINESS/12/18/railtrcak.reut   (651 words)

 Railtrack announces record profits in the aftermath of the British rail disaster
Railtrack was concerned that such costs could impact negatively on its share price when the company was floated on the stock exchange in 1995.
Railtrack is also under investigation by the Rail Regulator, who is looking into whether the company has breached the safety terms of its operating license.
The Director of Railtrack's Safety and Standards Directorate is a company board member and as such, the HSE said, “bears a duty of fiduciary care to shareholders”;.
www.wsws.org /articles/1999/nov1999/rail-n09.shtml   (1507 words)

 CNN.com - Railtrack in hands of administrators - Oct. 8, 2001
Railtrack has been accused of putting profit before improvements to the ageing rail network.
The decision marks the end of Railtrack in its present form and is an embarrassment to politicians who argued for less state involvement in public services.
Railtrack had already received billions of pounds in state aid and was counting on billions more, though there were signs that patience had worn thin.
edition.cnn.com /2001/BUSINESS/10/08/railtrack   (502 words)

 BBC NEWS | Business | Railtrack deal delayed
Railtrack shareholders will have to wait until later this week to learn the details of a rescue package for the group, it has emerged.
The Railtrack Group confirmed in a statement that certain issues were still outstanding, some of which could have prevented cash being returned to shareholders within an acceptable timescale.
Railtrack will be little more than a shell following the sell-off of its assets, and is likely to be liquidated before the end of the year.
news.bbc.co.uk /hi/english/business/newsid_2061000/2061753.stm   (668 words)

 networkideas.org - The continuing Railtrack saga
Railtrack was sold for 1.93 billion pounds in a public flotation in 1996.
Railtrack was fined by the Rail Regulator, for every delay judged to be its fault (that is, resulting from track repair work or emergency speed restrictions because of poor track conditions).
These unforeseen expenses substantially increased Railtrack's costs, even while they were part of a privatised system that was providing deteroriating services, in terms of reduced lines on non-profitable routes, more delays on almost all routes, and worse safety performance.
www.networkideas.org /news/apr2002/news18_Railtrack.htm   (1177 words)

Railtrack did not operate train services, but was responsible for timetabling and signalling, and owned the freehold of stations.
The chief executive of Railtrack, Gerald Corbett, resigned in November 2000.
Railtrack was put into administration with debts of more than £3.3 billion, bringing to an end the most unpopular privatization yet attempted in the UK.
www.tiscali.co.uk /reference/encyclopaedia/hutchinson/m0043778.html   (345 words)

 Railtrack to ask regulator for $1.5 billion as debts mount - Jan. 15, 2001
Railtrack said it would be financially stretched if it didn't receive the funding.
Railtrack said if it does not receive the grant it will have to increase borrowings by $2 billion between now and March 2003, taking net debt to £8 billion by March 31 of that year, which "represents an unrealistic financial challenge." 
Railtrack said the exceptional charges would include £400 million in compensation to train operating companies, £180 million for repair work and a special £20 million charge to cover the cost of recent autumn flooding in Britain.
money.cnn.com /2001/01/15/europe/railtrack   (490 words)

 CNN.com - Railtrack shareholders told of legal plan - October 19, 2001
The case was outlined to a group of Railtrack shareholders at a London hotel on Friday by Stephen Alexander, a partner at the London firm Class Law Solicitors.
Railtrack was forced to undertake emergency repairs, disrupting the rail network for months and forcing the company and its shareholders into financial ruin.
The would-be litigants' second key argument concerns the current UK Labour government's subsequent intervention in Railtrack's affairs, culminating in its successful application to the London High Court on October 7 to put the company into receivership.
archives.cnn.com /2001/WORLD/europe/10/19/uk.railtrack   (519 words)

 CNN.com - UK rail operator reports £534 million losses - May 24, 2001
Railtrack said there had been exceptional charges of £644 million for costs due to renewing cracked rails and £586 million paid in penalties.
Railtrack also admitted that underlying train performance had deteriorated throughout the year, with the number of delay minutes attributed to Railtrack rising by 125 percent, compared to an industry rise of 69 percent.
Railtrack shares were down 5.2 percent at 451.75 in London on Thursday morning.
edition.cnn.com /2001/BUSINESS/05/24/railtrack   (358 words)

 BBC NEWS | Business | Railtrack in administration
The order means Railtrack is now under the control of government-appointed administrators, who will continue to run the railways.
It is expected that Railtrack will be restructured into a non-profit making trust, where profits are reinvested rather than given to shareholders.
Railtrack said it had no option but to accept Mr Byers' action.
news.bbc.co.uk /1/hi/business/1583675.stm   (619 words)

 CNN.com - Britain's Railtrack facing closure - October 7, 2001
Railtrack was accused of "lamentable failure" after the Paddington rail crash that killed 31 people
Railtrack also is facing a £5 billion ($7.4 billion) bill for upgrading tracks on the west coast London-to-Glasgow line.
Once Railtrack goes into administration, the government could re-nationalise it by buying up its shares -- considered by analysts to be unlikely -- or set up a private company to take over from Railtrack.
archives.cnn.com /2001/WORLD/europe/10/07/britain.railtrack   (426 words)

 Guardian Unlimited Business | Business latest | Railtrack payout fails to appease
Railtrack shareholders will receive a payout of 43p a share this week from the defunct company's liquidators - although the transaction will not be enough to stop a legal battle over government's handling of the affair.
Not all of Railtrack's shareholders are convinced by the claim.
Railtrack's liquidators will make a third payment this year but intend to hold back 1p a share until 2008.
business.guardian.co.uk /story/0,3604,1020671,00.html   (435 words)

If there is a risk of electrocution, the safest option is to ask Railtrack Control to switch off the power, which can be done within a few minutes but in practice it will not be done until a railway person arrives on site.
Never assume that power is switched off unless you have positive assurance from Railtrack Control Remember that rain and floods increase the hazards.
Once any essential immediate action is completed, move to a position of safety and wait for confirmation from Railtrack about an agreed safe method of operation.
www.fire.org.uk /advice/rail.htm   (1404 words)

 [No title]
Railtrack itself was a new organisation, one of the many organisations to emerge from the dismemberment of British Rail.
All staff must have a Railtrack approved job description which should be produced in draft by end of September at the latest.Determination of the levels and style of the pre-launch publicity required in each site.
Unfortunately, the Railtrack bureaucracy meant that although the building had been chosen before I started at Railtrack, with a projected occupation date of late December, this date was constantly put back.
www.philverghis.com /railtrac.doc   (18477 words)

 Shades of Amtrak: Watchdog Report Blasts Britain's Rail Privatization - Site Selection Online Insider
Railtrack was also responsible for nearly half of all the passenger train delays in Britain, the NAO alleged.
Railtrack and the British Office of the Rail Regulator (ORR at www.rail-reg.gov.uk) never reached an agreement specifying what work Railtrack should do from 1995-2001, the report charged.
As for Railtrack, public sentiment already seemed to be leaning heavily toward stripping the company of its responsibilities for rail safety in the wake of last year's Paddington rail crash, which killed 31.
www.conway.com /ssinsider/snapshot/sf000619.htm   (689 words)

 Oxford. Protest against the Railtrack Quarry   (Site not responding. Last check: 2007-11-07)
Railtrack claimed that because of 'permitted development rights' they did not even have to secure planning permission for the quarry.
The matter was referred to the Secretary of State, who now has been advised by civil servants, that since the development is already in place, and a change of use has occurred, that he cannot ratify the Article 4 Direction.
He has fianlly decided in favour of Railtrack, using spurious legal arguments to pretend he is on the side of democracy, whereas in fact he is only concerned with bending over backwards to assist an already rich corporation.
www.oxquarry.co.uk /menu.htm   (488 words)

Under the plan, Railtrack consisting of the tracks and signaling equipment was sold to the public while the operation of trains was franchised out to two dozen private companies.
Railtrack and the operating companies said they employed 300 people just to hash out who was at fault when trains were late.
Analysts said the latter could be a hurdle in the wake of the collapse of Railtrack, as investors grow wary about putting their money into a privatized system.
www.ttc.org /cgi-binloc/searchTTC.cgi?displayZop+7941   (1123 words)

 Telegraph | Money | Railtrack offer is 'waste of £300m'
SWIFTRAIL, the WestLB-backed consortium bidding for Railtrack plc, yesterday suggested the Government was wasting taxpayers' money in backing a £1.3 billion rival offer to Railtrack Group's shareholders.
Railtrack shareholders were left with the company's remaining assets - property, £373m in owed cash from an intercompany loan and the Channel Tunnel Rail Link - which were outside the administration order.
The Government believes Railtrack plc could be out of administration by July if shareholders accept CLG's offer - at least five months earlier than expected under the competitive bidding process set up by administrators Ernst and Young.
telegraph.co.uk /money/main.jhtml?xml=/money/2002/03/25/cnrail25.xml   (569 words)

 Railtrack on wrong line   (Site not responding. Last check: 2007-11-07)
Railtrack recently launched a glossy 50-page booklet called Developing a Network for Britain's Needs.I carefully examined this network management statement for 1995/6 because I thought it might throw light on the intentions of Railtrack as it rushes headlong towards flotation.
My attention was drawn to one particular sentence: "Railtrack intends to identify ways in which relatively minor modifications might ease bottlenecks".
But everyone outside the Cabinet, the chairman of Railtrack and perhaps his chief executive, know that the £10 billion pledged in this document is not even enough to keep the railways in their present sorry state.
ourworld.compuserve.com /homepages/GMorrison/railtrac.htm   (396 words)

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