HUNDREDS of Railtrack shareholders in South Cheshire are worried they could be left with next to nothing after the company went in receivership with debts of £3.5 billion.

The Government said it would no longer finance the cash-strapped rail giant which has strong links with Crewe.

Many people who work on or are retired from the railways in Crewe have shares in the company and could now face a fight to get anything for them.

The shares, once worth almost £18 each, were suspended on the Stock Exchange on Friday at £2.80.

The Government has said there will be no tax-payers' money to bail them out.

The company's sponsorship of Crewe Alexandra, worth thousands of pounds to the club, could be in jeopardy.

The high-profile deal was displayed in the rail firm's sponsorship of the new £6million Alexandra Stadium stand.

The company also worked in partnership with the club's community project.

An Alex spokesman said: 'This news is unfortunate both for the club and the local community.'

All of Railtrack's 12,000 staff are initially expected to keep their jobs.

The company shares peaked at about £18 in 1998 and the firm announced record profits of £428 million in 1999

The Government now intends to replace Railtrack with a new not-for-profit private company to maintain and rebuild the rail network.