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Last Updated: Friday, 27 January 2006, 15:06 GMT
Rescue plan saves steam railway
Weardale train
The Weardale Railway opened in July 2004
A cash-starved steam railway which went into administration with debts of about 1m has been saved after a deal was struck with creditors.

Weardale Railway went into voluntary administration in January 2005, after just a few months in operation.

Administrators PricewaterhouseCoopers said creditors had agreed to take 25p for every 1 they were owed.

London-based community transport group ECT is to take over the railway's operations in due course.

It is expected the railway will begin services again later this year.

The 5m project opened in July 2004, running trains on a five-mile stretch of restored track.

But the number of passengers fell about 12,000 short of what was expected by the end of its first year.

Rail project 'in administration'
06 Jan 05 |  England

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