Date

Event

2001

26th July

PPP agreement completed between the Department and the Airline Group

9th August

Chris Gibson-Smith announced as new non-executive Chairman of NATS

11th September

Terrorists attack World Trade Center and the Pentagon

2002

8th January

NATS announces its intention to apply for a review of the regulatory price formula to be applied to its en route business

4th February

NATS applies to the Civil Aviation Authority for an increase in price caps to compensate for decline in air traffic following Sept 11. Proposal is for real price increases of 4% in 2003, 3% in 2004 and 2% in 2005, worth some £200 million

March

NATS invites Outline Proposals for investment in NATS through the Airline Group. Government provides, along with the banks, a £60 million interim loan facility to NATS, pending agreement on the restructuring. The facility was not actually used

25th April

NATS announces a £1 billion investment plan

May

CAA issues a consultation document on NATS' application for an increase in prices

24th May

Deadline for Outline Proposals for investment in NATS

28th May

Shareholders and NATS select BAA as most favourable candidate investor

12th July

NATS formally requests additional shareholder investment from HM Government

13th September

NATS submits to CAA a 'Revised Composite Solution to the Post September 11 Difficulties'

16th September

HM Government confirms new investment of £65 million subject to identical investment by BAA plc

30th September

Interim loan facility closed

18th October

UBS Warburg announced as NATS' new lead financial advisers

October

CAA issues proposals for public consultation on reopening NATS' price cap

20th December

CAA announces modifications to NATS' price caps, for real price decreases of 2% in 2003, 2004 and 2005

2003

18th March

CAA confirms new price caps, as a pre-condition to the investment in NATS by BAA plc (and reinvestment by the Government). CAA consults over a possible new flight delay penalty regime (confirmed in June)

19th March

NATS' new financial package approved by CAA and documentation completed

1st April

NATS launches 1st phase of £1 billion investment plan in the form of £127 million, 10-year programme for upgrading 20 radar sites

11th August

NATS (En Route) Plc issues £600 million 'guaranteed secured' bonds, replacing its bank-funded acquisition facility