Virgin group is going to bail out of its attempt to be one of the buyers for London Gatwick. Not even Branson’s magic can raise the sort of funds necessary… however as BAA’s parent Ferrovial struggles to restructure its debt – VS may be playing a waiting game… Virgin Atlantic reportedly (30-Dec-08) cancelled its bid for London Gatwick International Airport after failing to secure sufficient financial backing. Two consortia, led by Hochtief AirPort and Citigroup, are left in the bidding process and early offers are expected to be posted in Jan-09.
Meanwhile more carriers are bailing on LGW - perhaps easyjet might be a good buyer or Stelios himself.
Cheers
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