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State bails out air traffic control
Monday, 19 Feb, 2002
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The Government has agreed to a £30 million emergency bail out of the cash-strapped newly-privatised air traffic control service.
After a day of denial by all sides that there was a financial crisis within National Air Traffic Services (NATS), it has emerged that a loan deal had been agreed.
A total of £30 million will be loaned to Nats by Transport Secretary Stephen Byers’ department. Another £30 million will be supplied by the banks which underwrote the part-sale of NATS last summer.
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