Contact: Gavin Clancy
Deloitte
Communications Manager
+61 3 9208 7759

Contact: Alison Davies
Deloitte Touche Tohmatsu
Communications & Media Manager
+61 2 9322 7731

As a further part of the restructure of the Victorian train and tram system operated by National Express its directors today appointed Simon Wallace-Smith and Robert Whitton of Deloitte Touche Tohmatsu as joint administrators of four companies in the group operating as M-Tram (formerly Swanston Trams), M-Train (formerly Bayside Trains), V-Line Passenger and Bayside Train Maintenance.

The administrators have been appointed to represent the interests of creditors of the companies and to determine the companies' financial position.

Mr Wallace-Smith said the administrators would work with the receivers and managers, who had been appointed yesterday to the four companies by the Director of Public Transport. The receivers are running the day-to-day operations of the companies.

"We will conduct a preliminary assessment of the company's position over the next week and be in a position to provide an report to creditors at the first creditors' meeting on 2 January," he 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."