BAA seeks £400m from shareholders
Published Date:
10 May 2008
AIRPORTS operator BAA, which owns Edinburgh, Glasgow and Aberdeen airports, said it was raising £400 million from shareholders amid concerns over its plans to refinance £10 billion in debts.
The group – majority owned by Spanish infrastructure firm Ferrovial – said it had "not yet finalised certain aspects" of the refinancing due to "challenging market conditions".
BAA had been hoping to transfer around £4.7bn in bonds into a new ring-fenced funding vehicle backed by its three London airports – Heathrow, Gatwick and Stansted – as well as the Heathrow Express.
But the company said it had not yet received sufficient commitments from banks for the refinancing move.
* Edinburgh airport managing director David Johnston has been promoted to become BAA's group procurement director in the latest of a series of elevations for the firm's Scottish chiefs.
However, the move will leave the airport without a leader from 1 June while a replacement is appointed, who is expected to come from within BAA.
The full article contains 164 words and appears in The Scotsman newspaper.
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Last Updated:
09 May 2008 9:25 PM
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Source:
The Scotsman
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Location:
Edinburgh
