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Victoria promises $20m for National Express creditors

<p>The Victorian Government has pledged $20m towards settling the debts for creditors of National Express’s failed tram and train venture.</p> <p>National Express withdrew from its M>Train, M>Tram and V&#47Line passenger operator in December 2002, after being unable to reach agreement with the Victorian Government on a new operating contract.</p> <p>Victorian transport minister Peter Batchelor, who blames the collapse on the previous government’s privatisation model, told the State Parliament that the government will pay $20m towards National Express’s creditors.</p> <p>This is in addition to honouring the entitlements of the former National Express employees, Mr Batchelor said.</p> <p>But the contribution will not guarantee that creditors receive 100 cents in the dollar, the government said. </p> <br />