By NZPA
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Monday 17th March 2003 |
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It appointed investment bankers Cameron & Co as sale supervisors and in a statement called for expressions of interest.
Chief financial officer Wayne Collins said Tranz Rail was keen to work alongside Transfund and the Wellington Regional Council regarding the ongoing service agreement.
"They need a new operator and we want to sell so we have common ground to work from. It makes sense for us to co-ordinate our efforts and we are hoping for the best outcome for all.
"We want to walk hand in hand with the Wellington Regional Council and ensure our process of sale is complementary to its process of securing a new operator under terms and conditions, which achieve the maximum benefits for the region.
The WRC pulled out of sale talks with Tranz Rail in December and said it would not re-enter talks. The WRC was at that time in a joint venture with bus operator Stagecoach.
The WRC subsides Tranz Rail to the tune of $17 million a year to run Tranz Metro and has said it found it hard to see who else Tranz Rail could sell to. The two parties were tens of millions of dollars apart in their assessment of Tranz Metro's value.
Tranz Rail said it appreciated the importance of the rail commuter service for the wider Wellington community "and we want to ensure that the new owner, is in fact, the best operator for the Wellington rail passenger network.
"To this end we are keen to engage with the Wellington Regional Council to ensure these two processes are seamless," Mr Collins said.
Tranz Rail last year sold its long distance passenger service Tranz Scenic as part of its transformation into a "linehaul freight rail specialist".
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