KPMG to manage former M-Tram services
Brian Weedon <[email protected]>
Monday, December 23, 2002 11:32 PM
From today's Age. The spin from National Express suggests that there
may be an issue with the local unsecured creditors. Does anyone have
any knowledge whether the contractural / legal arrangements of M-
Tram / M-Train limits the liability to the local operation or whether
the parent National Express Group may have any liabilities?
Brian Weedon
Receivers take over train, tram group
December 24 2002
By Andrew Heasley
Transport Reporter
More than half of Victoria's train and tram services were put in the
hands of two receivers and managers from accounting firm KPMG
yesterday.
The Bracks Government has appointed Colin Nicol and Peter Anderson of
KPMG to manage National Express' metropolitan and country transport
operations.
Transport Minister Peter Batchelor said "the most important issue was
a smooth transition".
But in an unusual move yesterday, National Express appointed joint
administrators Simon Wallace-Smith and Robert Whitton from another
accounting firm, Deloitte Touche Tohmatsu.
The National Express administrators have been appointed to represent
the interests of unsecured creditors of the operations and to
determine its financial position.
They will hold the first creditors' meeting on January 2.
"We will conduct a preliminary assessment of the company's position
over the next week and be in a position to provide a report to
creditors at the first creditors' meeting," Mr Wallace-Smith said.
"After the initial creditors' meeting, we will then continue our
financial investigation and provide a further comprehensive report
including details of the likely return to creditors," he said.
It is unclear at this stage how the accountants, representing
separate interests, will work together.
Meanwhile, the government has made no decision on whether the trains
and trams will continue to be known as M>Train and M>Tram services,
or whether the fleet will have to undergo an expensive change of
livery for the next 12 months.
"I haven't looked at that, there is no need for them to be rebranded
at this point in time," Mr Batchelor said. "It may be something that
happens down the track," .
"People are more interested in the train or tram turning up rather
than what colour the livery is."
National Express is the registered owner of M>Train, M>Tram and
Moving Melbourne trademarks, but it is unclear whether the company
has put any restrictions on their use.
"It's not been an issue," Mr Batchelor said. "It may well have been
discussed but it's not been reported back to me. There's been no
impediment placed in our way."
Any change of branding would only be an interim measure until the
government either reaches a deal with transport operators Connex or
Yarra Trams to take over the services in the coming year, or whether
the network will be put out to tender again in December next year.
There are 193 trams displaying the M>Tram livery, with 56 more to
come, and 154 trains with M>Train branding, with 62 more to come.
V/Line country passenger trains are not expected to require a brand
change.
Rolling stock is branded multiple times externally and internally, as
are the thousands of network maps and regulations posted around
stations and carriages.
As an indication of the cost of rebranding, the advertising "wraps"
that cover each trams cost about $15,000 each.
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may be an issue with the local unsecured creditors. Does anyone have
any knowledge whether the contractural / legal arrangements of M-
Tram / M-Train limits the liability to the local operation or whether
the parent National Express Group may have any liabilities?
Brian Weedon
Receivers take over train, tram group
December 24 2002
By Andrew Heasley
Transport Reporter
More than half of Victoria's train and tram services were put in the
hands of two receivers and managers from accounting firm KPMG
yesterday.
The Bracks Government has appointed Colin Nicol and Peter Anderson of
KPMG to manage National Express' metropolitan and country transport
operations.
Transport Minister Peter Batchelor said "the most important issue was
a smooth transition".
But in an unusual move yesterday, National Express appointed joint
administrators Simon Wallace-Smith and Robert Whitton from another
accounting firm, Deloitte Touche Tohmatsu.
The National Express administrators have been appointed to represent
the interests of unsecured creditors of the operations and to
determine its financial position.
They will hold the first creditors' meeting on January 2.
"We will conduct a preliminary assessment of the company's position
over the next week and be in a position to provide a report to
creditors at the first creditors' meeting," Mr Wallace-Smith said.
"After the initial creditors' meeting, we will then continue our
financial investigation and provide a further comprehensive report
including details of the likely return to creditors," he said.
It is unclear at this stage how the accountants, representing
separate interests, will work together.
Meanwhile, the government has made no decision on whether the trains
and trams will continue to be known as M>Train and M>Tram services,
or whether the fleet will have to undergo an expensive change of
livery for the next 12 months.
"I haven't looked at that, there is no need for them to be rebranded
at this point in time," Mr Batchelor said. "It may be something that
happens down the track," .
"People are more interested in the train or tram turning up rather
than what colour the livery is."
National Express is the registered owner of M>Train, M>Tram and
Moving Melbourne trademarks, but it is unclear whether the company
has put any restrictions on their use.
"It's not been an issue," Mr Batchelor said. "It may well have been
discussed but it's not been reported back to me. There's been no
impediment placed in our way."
Any change of branding would only be an interim measure until the
government either reaches a deal with transport operators Connex or
Yarra Trams to take over the services in the coming year, or whether
the network will be put out to tender again in December next year.
There are 193 trams displaying the M>Tram livery, with 56 more to
come, and 154 trains with M>Train branding, with 62 more to come.
V/Line country passenger trains are not expected to require a brand
change.
Rolling stock is branded multiple times externally and internally, as
are the thousands of network maps and regulations posted around
stations and carriages.
As an indication of the cost of rebranding, the advertising "wraps"
that cover each trams cost about $15,000 each.
------------------------ Yahoo! Groups Sponsor ---------------------~-->
Rent DVDs Online-No late fees! Try Netflix for FREE!
http://us.click.yahoo.com/XfSp7B/XlOFAA/46VHAA/DiTxlB/TM
---------------------------------------------------------------------~->
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/