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Joined: Wed May 05, 2004 6:25 pm

Nats In Financial Trouble

Tue Feb 19, 2002 9:21 pm

From AOL news:


THE newly-privatised air traffic control service has denied it is being pushed into bankruptcy.

Four banks - Abbey National, Barclays Capital, Halifax and Bank of America - will reportedly threaten to foreclose their loans to the National Air Traffic Service at its board meeting.

And Transport Secretary Stephen Byers, who sold a 46% stake in the firm against advice from the Civil Aviation Authority, is apparently facing demands for tens of millions of pounds to keep the firm afloat.

A Nats spokeswoman acknowledged the losses suffered in the wake of September 11, but said the banks backed its cost-cutting measures.

"There is no question of administration," she said.

"Since September 11 we have been working with the banks to keep them fully appraised and they are fully supportive of the steps we are taking."

But a Transport Department spokesman was unable to say whether the banks, which underwrote the sell-off, had demanded compensation from Mr Byers.

And shadow transport secretary Theresa May said: "This is yet another Stephen Byers blunder.

"Following on from problems on the railways, it now appears he is facing severe problems in aviation."

The Government retained a 49% stake in Nats when it was part-privatised with employees also taking a 5% stake.

I hope this is not Railtrack II but there are alot of similarities.....and can things get any worse for Steven Byers?

you can't buy time but you can sell your soul and the closest thing to heaven is to rock'n'roll

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