View Full Version : UK to give air traffic control 30 mln stg

19th Feb 2002, 23:46
Source . .<a href="http://luchtvaart.pagina.nl" target="_blank">Av. News</a>

LONDON, Feb 19 (Reuters) - The British government is to provide urgent funding of about 30 million pounds ($43 million) to the country's cash-strapped air traffic control service, a banking source said on Tuesday.

The source said a funding package for the recently part- privatised National Air Traffic Services would also include a similar amount contributed by a group of four banks.

The four had earlier balked at extending further credit to NATS, which is still 49 percent owned by the government, but had agreed to the deal at the air service's monthly board meeting on Tuesday.

"It's a ball-park figure," the banker told Reuters.

The banker was from one of the banks -- Abbey National Plc (ANL), Barclays Capital (BARC), HBOS Plc (HBOS) and Bank of America Corp (BAC) -- demanding the air service come up with a realistic business plan to give it financial stability.