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Old 20th May 2002, 06:54
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Exclamation Serco pulls out of Nats rescue - report

from ananova

Serco pulls out of Nats rescue - report

Serco PLC, the London-quoted UK facilities management group, has withdrawn from negotiations to provide financial backing for National Air Traffic Services, the Financial Times said without citing sources.

The move is a setback for efforts by the government and a group of airlines to find a private sector investors to come to the rescue of Nats with an injection of equity worth up to £50 million, the paper added.

Serco had been regarded as a front-runner along with BAA PLC, the UK airports group, to take part in the financial restructuring of Nats.

Nats will learn on today whether the Civil Aviation Authority, the economic regulator for its monopoly air traffic control services, is likely to provide any financial relief by agreeing to Nats' emergency request to be able to raise its charges to the airlines.

© AFX News

Story filed: 06:59 Monday 20th May 2002
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