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Mayor approves Metronet transfer

London's transport bosses are expected to take over the Tube maintenance work of in-administration company Metronet 'within weeks' it was announced today.

Metronet, responsible for maintaining two thirds of the Underground, went into administration in July last year.

Today it was announced that London mayor Ken Livingstone had approved schemes that will transfer Metronet's business to Transport for London.

The administrators from Ernst & Young will now make an application to the courts to establish a date for a hearing, at which a date for the transfer will be finalised.

London Underground managing director Tim O'Toole said: "We have now begun the final process of removing Metronet from administration, which is a major achievement and extremely good news for London's Tube passengers. We anticipate that the Metronet business will transfer to TfL during the next few weeks.

"Following administration, we will seek to put in place a stable, economic and efficient structure that is better able to deliver TfL's investment priorities leading to increased capacity on the Tube in future, along with station security and communications improvements.

"The transfer to Transport for London control will enable us to further restructure and properly plan for the future."