BAA, has seen its losses on operating its airports (such as Heathrow - the scourge of the travelling classes - and Gatwick) mount.
Pre-tax losses (as per its half year report) at BAA's London airports trebled to £545.7M, primarily as a result of a drop in air passengers of over 4M.
Despite being burdened by debts of over £12BN (of which £9.5BN are secured against its London airports) BAA tried to reassure creditors that it was able to withstand the downturn.
Talks about selling Gatwick are still ongoing, BAA want more than the current £1.4BN offered by Manchester Airports Group. However, given the recession and decline in air travel as a result of increased taxes, BAA should consider itself lucky to have an offer at all.