Ferrovial gets bank approval to restructure BAA debt

0 Comments | AFP, June, 2008

MADRID (AFP) — Spanish construction group Ferrovial said Monday it had received the approval of nine banks to restructure the debt of its British subsidiary, the airports operator BAA.

"Nine financial establishments have given their approval on the conditions concerning a bank financing amounting to 7.65 billion pounds (9.66 billion euros, 11.87 billion dollars) aimed at giving BAA a permanent financial structure," it said in a statement.

"This agreement constitutes a major step forward for the new financial structure" of BAA, but other "operations" will be necessary, it said.

Ferrovial bought BAA for 10.23 billion pounds (14.8 billion euros, 18.8 billion dollars) in 2006.

But it has debts of around 10 billion pounds that it hopes to restructure by...