Railtrack - Railtrack Liquidation - C

Railtrack - C
Railtrack Liquidation
On 18 October 2002, Railtrack's parent company, Railtrack Group, was placed into members' voluntary liquidation as RT Group. The Railtrack business (and its £7 billion debt) had been sold to Network Rail for £500 million, and the various diversified businesses it had created to seek to protect itself from the loss-making business of running a railway were disposed of to various buyers.
£370 million held by Railtrack Group was frozen at the time the company went into administration and was earmarked to pay Railtrack shareholders an estimated 70p a share in compensation. The Group's interest in the partially built High Speed 1 line was also sold for £295m. During December 2002, Railtrack Group was delisted from the London Stock Exchange, that same month, the company announced an agreement to sell its remaining property interests, RT Group Developments, to the property developer Hammerson in exchange for £63 million.
Railtrack Overview
Railtrack Type: Public
Railtrack Industry: Rail transport
Railtrack Predecessor: British Rail
Railtrack Founded: 1 April 1994
Railtrack Defunct: 18 October 2002
Railtrack Fate: Renationalised
Railtrack Successor: Network Rail
Railtrack Headquarters: London, England
Railtrack Key People: John Robinson (Chairman)
Gerald Corbett (CEO)
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