LaGuardia pitched securitisation plan for overhaul

[NEW YORK] At least two European banks have floated the idea of applying a UK-style whole-business securitisation (WBS) approach to finance the US$3.6 billion overhaul of the United States' LaGuardia Airport, according to sources with knowledge of the proposals.

The overhaul project is one of the biggest so-called public-private partnerships (PPPs) to be undertaken in the US airport infrastructure market.

The Port Authority of New York and New Jersey has narrowed competition down to four teams of high-profile private-sector bidders who are vying to take on the project. However, the financing options are far from being finalised.