Originally Posted by
Doors to Automatic
Slots cannot be held as a commodity
It may sound as legal hair splitting, but yes they can. It is not the slots themselves, but the potential proceeds of selling those slots to a third party which is the collateral. As long as NAS owns those slots, they can be sold to another airline, and the future income may be treated as an asset. I sure the wording of the deal will sound along the lines of NAS being obliged to sell those slots in case of a future bond default, the beneficiaries of the sale being the bondholders. Just another fine day for lawyers, should have become one ...
