I'm reminded of a
posting I made back in August which seems strangely relevant now. Honestly, sometimes you'd think I knew what was going on.
I would assume that the cash that BRS is throwing off is not enough to service the underlying debts that Macquarie have racked up in various places, and they need to try realise the value of the airport and get the cash in to offset debt (some of which might be "toxic").
That might not be an altogether bad thing, depending on who buys the airport and how they finance it. I'm must admit, I'm a bit "off" private equity at the moment, and it might be a better idea (sharp in take of breath pending) if one of the UK transport groups took it on. Whether or not they would retain the commitment to upgrading and extending the facilities remains to be seen, as that means finding real cash right now, and that's extremely tough in this environment.
In the short term, I would guess that passenger volumes are keeping the BRS business profitable, which makes it attractive. But, just as I said back in August last year, it's a buyer's market.