The loans repaid were not to the Airline Group. The two shareholders repaid were BAA and the Government. The Airline Group was not able or prepared to put up any extra money when NATS was in trouble after 9/11. Perhaps not surprisingly the two parties who did put up the money when nobody else would ensured the terms of the loan got them a good return.
Having got such a good return last time I can only imagine what a good deal the government will expect the next time it has to lend NATS money.
Last edited by eglnyt; 12th Oct 2008 at 22:49.