Telegrammed by Ithuriel
When and if NXEC runs out of committed money and NatEx hands back the keys, it also gives DafT the £32 million performance bond.
Say it's going to cost DfT a couple of million to run its Holting (geddit) company until Inter-City East coast is re-let again, that 30 million will come in very handy when it comes to collaring FGW's revenue shortfall which is going to be well north of £60m in the current financial year.
How fortunate that DfT Rail's policy of not renegotiating franchises didn't apply to FGW when cap and collar was brought forward by two years.
Grimsby and Back
3 years ago
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