The Trust board of Llangollen Railway has this morning (Wednesday) issued a statement which is hopeful for the future of the heritage attraction.
In March 1 the railway's Public Limited Company went into receivership with debts of around £350,000.
Since then the assets of the railway have been put up for online auction, which culminates on May 12.
In the meantime, the separate Trust Board, which remains completely solvent, has been battling to raise enough money to buy as many of the assets as possible and get the railway back on track.
Today's statement from the board says: "The Trust is delighted to announce it has completed a deal with the administrators of Llangollen Railway plc, Cowgill Holloway Business Recovery LLP, for an undisclosed sum, to purchase certain assets belonging to the railway along with the right to use the railway line.
"This was the first key step towards recovery and thoughts now turn fully to the task of preparing for reopening as we continue on our journey to protect and preserve this beautiful part of our heritage.
"Talks have been initiated meanwhile with the Welsh Government, Business Wales, Denbighshire County Council and the National Heritage Lottery Fund, all of which have been positive.
"The Safety Management System will have to be rewritten to some degree and fresh approval sought from the Office of Rail & Road.
"Liz Parkes of North York Moors Railway has been helping us in this regard and we are very appreciative of her support.
"We have been very encouraged and gratified by all the support received in our fundraising efforts and thank everyone who has contributed.
"Including promises, funds raised to date are approximately £85,000. This should enable us to submit a competitive bid in the auction on 12 May for key items, such as at least one carriagewith accessible adaptation, function coach, road railer, telehandler and 12t crane.
"Looking ahead to the preparation for re-opening phase, £100,000 approximately is needed to cover necessary overheads, for which we hope to attract at least some grant funding.
"It remains too soon to speculate when re-opening might be but we are targeting the end of July or early August currently.
"We would also like to acknowledge the continuing support of the media, without which our need for funds would not have reached so wide an audience.
"Please donate if you can: Online at and click the Donate button, or via our Facebook page. For taxpayers, the Railway can apply for 25% Gift Aid.Alternatively, supporters are invited to send cheques payable to Llangollen Railway Trust Ltd to The Station, Abbey Road, Llangollen LL20 8SN."