I think that Roobarb has got it right here.
Covenant, I'm not confused, BA is run like a government department, but I'm not saying that privatisation is folly, merely that the government when considering a rescue may try to make this appear to be the case. However, New Labour actually seem to like privatisation so maybe they will help BA.
What I'd like answered is how BA are ever going to make money and if they aren't will investors eventually go elsewhere with their money.
[ 04 September 2001: Message edited by: nhl ]