Metronet鈥檚 administrators have approached private bidders to raise interest in the failed PPP.

At a London Assembly transport committee meeting, administrator Alan Bloom said the firm鈥檚 bankers had approached 鈥渁 number of companies in the marketplace鈥�.

London Underground (LU) is expected to make a formal offer to buy Metronet out of administration, and bring its maintenance contracts back under public sector control.

Tim O鈥橳oole, LU managing director, said: 鈥淚f we got hold of Metronet, we鈥檇 get these contracts restructured and that would be saleable. We could break it up and put the station upgrades out to somebody and the track upgrades to someone else.鈥�

It emerged that Metronet owes 拢1.6bn in secured debt.