AusRAIL

Connex reports no fallout from Vivendi problems

<p>Problems for Australia’s public transport system continue apace with the parent company of one of the country’s largest private operators under financial pressure.</p> <p>Vivendi Universal, which struck a tough trading situation in the last few days, owns Connex Group Australia.</p> <p>Connex operates trains, trams, buses and monorail in Victoria, New South Wales and Perth.</p> <p>At this stage the transport company is not reporting any change in business and Vivendi is confident it can recover.</p> <p>A Vivendi representative was quoted as saying there should be no impact on Australian businesses.</p> <p>In a statement to the market this week the company said: &#8220While Vivendi Universal has a short-term liquidity issue, the value of the group’s broad and diversified assets by far exceed that of its debt. </p> <p>"The new management is committed to a program of aggressive deleveraging and greater transparency in order to restore health and confidence to Vivendi Universal.&#8221</p> <p>Nationally, Connex provides more than 77m passenger journeys a year and employs over 1,400 people. </p> <p>It runs Perth Bus in Western Australia, the old Hillside Trains system in Melbourne and the monorail, lightrail and buses in Sydney.</p> <br />