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Debts soaring as Ferrovial offloads [pounds sterling]1 billion of takeover loan.
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Daily Mail (London)
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December 20, 2006
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Copyright informationCOPYRIGHT 2006 Daily Mail. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Karl West
Dec. 20--A 62 percent JUMP in debt at BAA has once again sparked doubts about the British airport group's ability to fund expansion plans at Heathrow and Stansted.
The owner of London's three biggest airports is up to its neck in red ink as debt ballooned to [pounds sterling]5.7 billion in the six months to the end of September. BAA's new Spanish owner Ferrovial is itself heavily overdrawn after borrowing [pounds sterling]9 billion to finance June's [pounds sterling]10.3 billion acquisition of the company.
The [pounds sterling]2.2 billion hike in BAA's liabilities in the first-half was mainly the result of Ferrovial loading around [pounds ...
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