NEARLY 550 workers at a Hampshire train care depot are today pinning hopes on the European Commission to save their jobs.

A £2.2 billion compromise deal to stop their French engineering company Alstom from collapsing was agreed late yesterday.

It has been an emotional roller-coaster ride for maintenance staff at the train care depot in Campbell Road, Eastleigh, this summer.

Morale was so low at one point last week, after the European Commission blocked a £2 billion rescue package, that employees feared they would turn up to work to find the gates locked.

But now hopes have been raised that the worst is over for Alstom.

The company, which employs 10,000 people in the UK and 110,000 worldwide, was facing inevitable bankruptcy after racking up debts of £3.2 billion.

But an ambitious bid by the French government to rescue Alstom through partial renationalisation fell foul of Mario Monti, Europe's tough competition commissioner.

He blocked Paris's huge subsidy rescue package on the grounds that it was cheating other companies of a fair chance of a fair profit.

Now, however, Mr Monti has thrashed out a solution that would see the French government provide financial support, along with private investment banks, but without Paris taking a direct stake.

That compromise will keep the wolves from Alstom's door, enabling it to pay anxious creditors and provide a lynchpin for a survival strategy.

Peter Luffman, the Transport and General Workers Union representative at the Eastleigh train care depot, spoke about the turbulent times the 550 workers have gone through of late.

He said: "They really have been on a roller-coaster, going up and down like a yo-yo.

"They have been very concerned at the situation, and worried about their future and employment prospects in the railway industry.

"They were concerned about being locked out of the gates.

"The men at the works are quite happy now that there seems to have been a positive response by the European Commission."

Alstom was not issuing a public statement until later today following a boardroom meeting.