National Express statement relating to East Coast Franchise:
Discussions with the UK Department for Transport ('DfT') have not secured an improved outlook for the East Coast franchise.
As a result, the loss-making East Coast rail franchise will continue to be supported by National Express in line with its franchise support commitments until the committed funding is fully utilised, expected to be later in 2009.
In the event that the Secretary of State for Transport ('Secretary of State') reassumes control of the franchise, National Express would work with the DfT to ensure an orderly handover and ensure that passengers, services and employees are unaffected.
The Group does not expect that such circumstances would result in cross default of the Group's other rail franchises.
The DfT may take a different view on NatEx's other franchises.
Grimsby and Back
3 years ago
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