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BAA not liable to bondholders for $109 million in damages, Maryland jury decides
By Jeff Pines
Washington, Feb. 2 - BAA plc and World Duty Free plc are not liable for $109 million in damages to bondholders, a Maryland jury decided in late December.
A group of World Duty Free Americas, Inc. bondholders alleged BAA and World Duty Free Americas intended to convey World Duty Free Americas' assets to WDFA with the intent of impairing the bondholders' rights as creditors.
The trial took place at the end of December.
The bondholders, who have $105 million in notes, intend to appeal, but London-based BAA said it is confident it will prevail.
In order to pay for capital improvements at airport terminals, the company's net borrowings increased to £2.518 billion on Dec. 31, up from £1.918 billion on March 31.
Total assets less current liabilities for the company on Dec. 31 were £9.402 billion compared with £8.592 billion on Dec. 31, 2002.
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