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Metronet extraordinary review resumed

The London Underground PPP arbiter Chris Bolt yesterday confirmed he had resumed his extraordinary review of failed tube contractor Metronet's private finance maintenance contract.

Bolt's review, called by Metronet in June when it claimed it was owed £992M by London Underground, was temporarily suspended when the tube contractor went into administration in July.

The resumption of the review was prompted by Metronet's demonstrators wish to arrive at a valuation of the firm and its PPP contract.

"I said on 30 July that I was continuing my analysis of the submissions I received
from Metronet and London Underground," said Bolt.

"I have now completed that analysis. I will publish my initial thoughts within the next two weeks, after clarifying some outstanding issues with Metronet and London Underground.

"The Administrators are currently seeking to establish the fair value of Metronet and I believe that publishing my analysis will provide greater clarity on the potential outcome of the Extraordinary Review and thereby reduce the uncertainty they face."

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