FirstGroup Updates On TransPennine Express Contract : vimars

FirstGroup Updates On TransPennine Express Contract
LONDON (dpa-AFX) - FirstGroup plc (FGROY.PK, FGROF.PK, FGP.L) said that it has reached agreement with the Department for Transport or 'DfT on the termination fee payable for the TransPennine Express or 'TPE' train operating company.
The Transport Department and FirstGroup have now agreed the financial impact of the termination for TPE which requires a further FirstGroup contribution of 6 million pounds, over and above the 42.5 million pounds already paid into the operating company.
The Department has extended the TPE ERMA term until 19 September 2021, following their conclusion that no event of default would have taken place had the pandemic not occurred, although the Department and the Group are working collaboratively with a view to entering into a National Rail Contract in advance of that date.

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