Term | Meaning |
At the discretion of the Courts, NATS' regulated en route business (NATS' regulated business) could have been placed in administration if it were, or was likely to become, insolvent | |
An administrator would have been appointed with a duty to carry on NATS' licensed business pending the transfer of the business as a going concern | |
Group of seven UK airlines that formed to become the private sector partner in the NATS Public Private Partnership | |
An incident reported by a pilot or controller in which standard minimum separation distances between aircraft have been breached. A risk-bearing airprox is one where the UK Air Proximity Board considers there was a potential risk of collision | |
BAA plc, owner of seven UK airports including Heathrow, Gatwick and Stansted | |
Civil Aviation Authority, the safety and economic regulator of NATS and national airspace regulator | |
A solution devised by NATS, with contributions from the Banks, the Airline Group, UK Government, BAA plc and the CAA, designed to provide them with more robust finances | |
Credit Suisse First Boston, the financial advisers to the Department for Transport | |
The process through which a party to a proposed transaction, such as a business acquisition, investigates in detail the risks associated with it | |
The Department for Transport. Name of the vendor Department. Formerly the Department of the Environment, Transport and the Regions (1997-2001) and Department of Transport, Local Government and the Regions (2001-2002) | |
Aircraft flying in UK controlled airspace, other than aircraft taking off or landing | |
The European agency for the safety of air navigation, based in Brussels | |
Indicates a relatively low probability of default and high likelihood of timely repayment. Specifically, a rating of BBB- or above by Standard and Poor's, or Baa3 and above by Moody's Investor Services | |
National Air Traffic Services Ltd | |
The unregulated subsidiary of NATS which provides air traffic services to airports and consultancy services to customers worldwide. | |
Public Private Partnership between the Government and a private sector strategic partner | |
Debt that has first call on the cash of the borrowing business when due for repayment | |
Schroder Salomon Smith Barney, initial financial advisers to NATS, having earlier been advisers to the Airline Group in their acquisition of the controlling stake in the PPP | |
The agreement between the shareholders in NATS; the Department, the Airline Group and BAA plc | |
Financial advisers to NATS from October 2002 |