Tube maintenance company Metronet is facing the threat of administration unless a last minute rescue plan can be found, the BBC has learnt.
The firm needs an injection of cash to stay afloat and keep operating, BBC business editor Robert Peston said.

The threat of collapse was triggered by a decision to limit the amount of money Metronet would be given, he added.

Metronet has been under fire since a report found that it would overspend by about £750m on maintenance contracts.

The company, a flagship of the government's Public Private Partnerships (PPPs), which use private sector money to fund state projects, has been embroiled in a battle over who should foot the bill.

"Metronet has been a disaster for its owners, WS Atkins, EDF, Balfour Beatty, Thames Water and Bombardier," the BBC's business editor said.

"Unless there's a last minute intervention by the Treasury this morning, Metronet will go into administration today," Mr Peston added.

The BBC's business editor explained that the latest problems at Metronet had been triggered by a decision of the PPP arbiter to award only a fraction of the cash Metronet said it needed to keep going over the coming year.

The arbiter's role is to ensure that this largest of PPPs delivers value for money.

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