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Deloitte
Communications Manager
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Administrators to the National Express Group of companies have obtained Federal Court approval to postpone the second meeting of creditors to the group.

The next meeting of creditors to the four National Express Group companies will be held on or before 26 March 2003.

The administrators, Simon Wallace-Smith and Rob Whitton of Deloitte Touche Tohmatsu, said the extension of time would give them more time to fully investigate the financial affairs of the National Express companies.

"In addition, the extension of time enables us to be in a better position to present a deed of company arrangement for the approval of creditors," Mr Wallace-Smith said.

The first meeting of creditors was held on 2 January, and in accordance to the Companies Act 2001, a second meeting was due to be held by 27 January.

The four National Express Group companies - known as Bayside Trains (or M>Train), Swanston Trams (or M>Trams), V/Line Passenger and Bayside Train Maintenance - were placed under administration on 23 December 2002.

In an affidavit presented to the Federal Court, Mr Wallace-Smith said that it would take the administrators considerable time to inspect the books and records of National Express companies and analyse their contents.

Mr Wallace-Smith said a complete list of creditors to, and contracts with, the companies was still being finalised.

He said the companies had about 900 creditors at the latest estimate, with claims estimated by management to be around $55 million.