National Express Group (NEG) made a cut price escape from its East Coast rail franchise after failing to renegotiate the loss making contract in talks with the Department for Transport.
The company announced on July 1 that it would walk away from the contract later this year before National Express East Coast's losses exceed a £40m loan facility that NEG is obliged to provide. In addition NEG will be obliged to surrender a performance bond worth £32m to cover the DfT's costs in the...
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