BUSINESSES collectively owed around £1m by a troubled tourist railway have been called to a creditors meeting next week.

Since Weardale Railway went into voluntary administration in December, accountant PriceWaterhouseCoopers (PWC) has been working on a business plan to save it from liquidation.

With meetings continuing with funders including regeneration agency One NorthEast and Wear Valley District and Durham County Councils, the company said no decision will be made until next week, at about the same time as creditors meet on Monday in PWC's Newcastle offices.

Businesses and individuals owed money by the railway will be offered the chance to form a committee, a routine element of administration.

The Northern Echo understands that settlement figures have been discussed with creditors, which would mean them receiving a percentage of the money they are claiming. PWC last night said no formal offer has been made.

A spokeswoman said: "The meeting is a normal part of the process. We are still liaising with the stakeholders before anticipating making some decision in the middle of the month."

The five-mile railway has attracted thousands of visitors since it opened last July. No trains have run on the line this year.