Thursday, 30 August 2007

BAA; More trouble ahead.

I have mentioned BAA recently, along with British Airways, as companies in difficult straits. The BBC reports today that BAA is now to shed 2000 odd staff.

It is well known in the industry that BAA has much corporate fat to lose. They have a large M&A department for example that won't be needed now they are owned by the Spanish. They also suffer from a highly unionised force which has kept them from reaping the benefits of technology by downsizing the staff.

However, the real cause of the problem is that with the Credit market turmoil they have been unable to re-finance their loans. The Spanish company bought BAA with a huge chunk of debt at high rates, that they would look to re-arrange after the deal completed. Now they can't do that they need to seek other ways to raise money to pay the debt and try and make a profit.

At this rate the management will be praying for a break up of the monopoly of South East UK Airports, as the only way to realise cash from the business in the next few years!


Newmania said...

Did you see the article in the Stndard showing collusion between The GOverment and BAA over the runway extension. CU I don`t understand your last para are they not a beneficiary of the monopoly ?

Old BE said...

They could always beat the enquiry to it and spin one of the airports off! If it was me it would be Stansted, because then they can argue that their customers shouldn't have to fund Stansted's expansion.

It would kill several birds with one stone.

CityUnslicker said...

N - Well I am all for the government having airport expansion. We need more flights so that we can escape this country, N.

BAA are a beneficiary of the monopoly in theory; however the business is being so badly run that they arenot making the money they need to to service the debt.

The break-up value of the various franchises is more than the current assement that the stockmarket gives to the firm. Hence if they could break-up the monopoly they might make enough in the short-term to sort their financial situation out.

CityUnslicker said...

Ed- that is not a bad idea and I am sure they are considering just that.

However, Gatwick has less long-term potential for development so they might also pick that one too.

Old BE said...

Gatwick would have excellent expansion opportunities if the Govt was to scrap the "moratorium" agreed in the 70s(?). Gatwick is still relatively surrounded by green fields so not nearly as prone to the development problems which plague Heathrow.

I actually prefer Gatwick as an airport to fly out of.

Newmania said...

Thanks I see

CityUnslicker said...

gatwick's infrastructure is very out-dated. The airlines hate flying out of gatwick. With stanstead you can start again with new build.

I prefer to fly from gatwick too, but then i live much closer to it than stanstead or heathrow.

Mark Wadsworth said...

"BAA is now to shed 2000 odd staff"

Which seems a sensible policy, get rid of the wierdos and keep the normal ones.

Anonymous said...

aaaa片, 免費聊天, 咆哮小老鼠影片分享區, 金瓶梅影片, av女優王國, 78論壇, 女同聊天室, 熟女貼圖, 1069壞朋友論壇gay, 淫蕩少女總部, 日本情色派, 平水相逢, 黑澀會美眉無名, 網路小說免費看, 999東洋成人, 免費視訊聊天, 情色電影分享區, 9k躺伯虎聊天室, 傑克論壇, 日本女星杉本彩寫真, 自拍電影免費下載, a片論壇, 情色短片試看, 素人自拍寫真, 免費成人影音, 彩虹自拍, 小魔女貼影片, 自拍裸體寫真, 禿頭俱樂部, 環球av影音城, 學生色情聊天室, 視訊美女, 辣妹情色圖, 性感卡通美女圖片, 影音, 情色照片 做愛, hilive tv , 忘年之交聊天室, 制服美女, 性感辣妹, ut 女同聊天室, 淫蕩自拍, 處女貼圖貼片區, 聊天ukiss tw, 亞亞成人館, 777成人, 秋瓷炫裸體寫真, 淫蕩天使貼圖, 十八禁成人影音, 禁地論壇, 洪爺淫蕩自拍, 秘書自拍圖片,

做愛的漫畫圖片, 情色電影分享區, 做愛ㄉ影片, 丁字褲美女寫真, 色美眉, 自拍俱樂部首頁, 日本偷自拍圖片, 色情做愛影片, 情色貼圖區, 八國聯軍情色網, 免費線上a片, 淫蕩女孩自拍, 美國a片, 都都成人站, 色情自拍, 本土自拍照片, 熊貓貼圖區, 色情影片, 5278影片網, 脫星寫真圖片, 粉喵聊天室, 金瓶梅18, sex888影片分享區, 1007視訊, 雙贏論壇, 爆爆爽a片免費看, 天堂私服論壇, 情色電影下載, 成人短片, 麗的線上情色小遊戲, 情色動畫免費下載, 日本女優, 小說論壇, 777成人區, showlive影音聊天網, 聊天室尋夢園, 義大利女星寫真集, 韓國a片, 熟女人妻援交, 0204成人, 性感內衣模特兒, 影片, 情色卡通, 85cc免費影城85cc, 本土自拍照片, 成人漫畫區, 18禁, 情人節阿性,

Anonymous said...

情色電影, aio交友愛情館, 言情小說, 愛情小說, 色情A片, 情色論壇, 色情影片, 視訊聊天室, 免費視訊聊天, 免費視訊, 視訊美女, 視訊交友, ut聊天室, 視訊聊天, 免費視訊聊天室, a片下載, av片, A漫, av dvd, av成人網, 聊天室, 成人論壇, 本土自拍, 自拍, A片, 愛情公寓, 情色, 舊情人, 情色貼圖, 情色文學, 情色交友, 色情聊天室, 色情小說, 一葉情貼圖片區, 情色小說, 色情, 色情遊戲, 情色視訊, 情色電影, aio交友愛情館, 色情a片, 一夜情, 辣妹視訊, 視訊聊天室, 免費視訊聊天, 免費視訊, 視訊, 視訊美女, 美女視訊, 視訊交友, 視訊聊天, 免費視訊聊天室, 情人視訊網, 影音視訊聊天室, 視訊交友90739, 成人影片, 成人交友,

免費A片, 本土自拍, AV女優, 美女視訊, 情色交友, 免費AV, 色情網站, 辣妹視訊, 美女交友, 色情影片, 成人影片, 成人網站, A片,H漫, 18成人, 成人圖片, 成人漫畫, 情色網, 日本A片, 免費A片下載, 性愛, 成人交友, 嘟嘟成人網, 成人電影, 成人, 成人貼圖, 成人小說, 成人文章, 成人圖片區, 免費成人影片, 成人遊戲, 微風成人, 愛情公寓, 情色, 情色貼圖, 情色文學, 做愛, 色情聊天室, 色情小說, 一葉情貼圖片區, 情色小說, 色情, 寄情築園小遊戲, 色情遊戲, 情色視訊,