Heathrow agrees breathing space with its lenders over £1.1bn of debt
Heathrow has agreed breathing space with its lenders over £1.1billion of debt.
The airport warned investors in June that it could default on its complex financing arrangements if revenues were £66million lower than expected this year.
All mapped out: The airport warned investors in June that it could default on its complex financing arrangements if revenues were £66million lower than expected this year
Earlier this month it agreed a waiver with bondholders for four tranches of debt due between 2024 and 2029.
More than 90 per cent of the investors backed the move.
Heathrow said it took the step as a precaution now that revenues are picking up as travel curbs have eased.
It has lost more than £3billion over the pandemic and passenger numbers are still down 90 per cent, at 1.5million in July compared with about 7.5 million in July 2019.
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