By Dan Milmo, transport correspondent

The Guardian

London mayor lines up Ernst & Young to take over company reeling from regulator's decision to withhold cash injection.

Metronet, the company charged with a 17bn pound upgrade of the London underground network, was heading for administration last night as the London mayor prepared to step in.

It is understood that Ken Livingstone has lined up accountancy firm Ernst & Young to take over the running of Metronet, which is facing a cash crunch following a regulatory decision yesterday.

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Posted by pichu at July 17, 2007 11:50 AM