Contractors Rehabbing London Metro Seek Protection from Creditors
Two joint ventures handling nearly $35 billion of maintenance and upgrade work on London's metro, the Underground, are seeking court protection from creditors.
Both Metronet Rail consortiums, owned by the same companies, ran out of funds after failing to secure huge payments for cost overruns that the contractors claimed were due from London Underground Ltd. (LUL). They sought bankruptcy protection on July 18.