Failed public-private partnership (PPP) firm Metronet comes under London mayor Boris Johnson's control from today.
From midnight Metronet was taken over by the capital's transport body, Transport for London (TfL), ending a ten-month period in administration.
The tube maintenance firm delivered just 40 per cent of its promised upgrade work in its first three years and ran up £2 billion in unscheduled costs.
MPs have warned taxpayers are likely to be forced into paying 95 per cent of the overspend, leaving officials at City Hall keen to move on from the disastrous PPP as a result.
"We will seek to put in place a stable, economic and efficient structure that is better able to deliver TfL's investment priorities leading to increased capacity on the tube in future, along with station, security, communications and accessibility improvements," London Underground managing director Tim O'Toole said.
"The transfer to TfL control will enable us to further restructure and properly plan for the future."
In April workers from the Rail Maritime and Transport (RMT) union successfully challenged plans to deny Metronet staff the same benefits as those already employed by TfL.
Threats of a 48-hour strike resulted in concessions by TfL, giving the former Metronet workers access to TfL's pension fund and a guarantee of no outsourcing following the transfer.
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