2.11 The Department's advisers, CSFB, told us that one of the key benefits of the refinancing has been to restore value to the government's original investment in NATS. Had the Company gone into administration the Government's shareholding could have become worthless. The current value of this stake is still subject to audit. We heard from the Airline Group that five of its seven airline members have maintained the value of their original investment in NATS in their audited accounts. Two, Easyjet and British Airways, have written down their investment, in the former case to Nil.