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Byers faces new crisis after u Stephen byers faced renewed doubts about his political future last night after performing an aboutturn over compensation to railtrack shareholders to hasten the end of the company's period in administration. The transport secretary has approved a financial settlement under which million of public money will be used to enable a nonprofit making organisation set up by his department to buy the track and signalling group. Details of the bid by the"Company limited by guarantee"Are expected chaussure louboutin to be released today. The current shareholders will be paid billion, making the value of the bid 250p a share, compared with the 280p level at which the shares were suspended last october when the administration order was enforced. City banks are expected to lend an additional million, while the remainder will come from the sale of assets belonging to railtrack group the part of the former rail company which remained outside the administration order. These assets include property worth about million and a million loan owed to railtrack group and the channel tunnel rail link. In the six months since putting railtrack into financial limbo, mr byers has repeatedly insisted that taxpayers' money would not be used to compensate shareholders, who saw the share price effectively destroyed when the minister intervened. Legal action by the institutional shareholders has forced the government to make concessions, or face the possibility that administration could drag on indefinitely. The government argues that a shareholder bailout is not compensation for wronged shareholders.Instead, it claims that the billion equates to the savings it will make by extracting railtrack from administration by july at least five months earlier than expected.Railtrack's administration is costing taxpayers million a day. Mr byers made no comment yesterday, but a spokesman for the department of louboutin femme pas cher transport, local government and the regions said: "The government has said the shareholders should get the value in the company to which they are entitled. " The government funding was a"Premium"Worth paying to end administration. "It reflects an assessment of the value to the government, christian louboutin soldes the taxpayer and the company limited by guarantee in terms of the benefits and savings that would result from an earlier exit from administration. " Mr byers's apparent renationalisationwithoutcompensation of railtrack last october won him political support from labour backbenchers which proved crucial during the subsequent jo moore affair and his admission of untruth over the departure of martin chaussures christian louboutin sixsmith from his department. Charles kennedy, the liberal democrat leader, said the proposed railtrack settlement made mr byers's position even more untenable. But in an interview published yesterday, tony blair defended his minister.He said the government had to take action against railtrack because it had become"Effectively insolvent"After the hatfield crash. Martin sixsmith is still being paid his salary as a whitehall civil servant more than a month after stephen byers, the transport secretary, announced he had resigned, it was disclosed yesterday.