Ferrovial says it has secured the support of nine banks to restructure the debt of its subsidiary, UK airport operator BAA.
Nine financial establishments have given their approval on the conditions concerning the financing - amounting to £7.65bn - aimed at giving BAA a permanent financial structure.
Ferrovial says the agreement constitutes "a major step forward for the new financial structure" of BAA, but other "operations" will be necessary.
Ferrovial bought BAA for £10.23bn in 2006.
The company has been seeking ways to restructure its £10bn debt for several months, but tightening lending conditions have caused difficulties.
The group has sold its World Duty Free airport retail chain and is considering the sale of George Best Belfast Airport, which is not part of BAA, to raise funds.
Britain's competition authorities are also considering whether breaking up BAA, by forcing it to sell one or more airports, would create greater competition in the airports business in the UK.
By staff writer
