ITT, Nexa to fund air-traffic control upgrades

PHILADELPHIA (Reuters) – ITT Corp (ITT.N: Quote, Profile, Research) and private equity firm Nexa Capital Partners LLC are expected to announce on Monday a plan for a loan-guarantee fund of more than $1.5 billion to help upgrade the U.S. air-traffic control system, according to The Wall Street Journal.

ITT and Nexa will use about $150 million in federal loan guarantees to establish a larger fund to pay for installing upgraded equipment on U.S. airliners, the newspaper said in its electronic edition.

The effort would help airlines fund a piece of an effort by the Federal Aviation Administration to create a satellite-based traffic control network, the newspaper said.

ITT and Nexa Capital could not be immediately reached for comment.

(Reporting by Jessica Hall; Editing by Diane Craft)

ITT, Nexa to fund air-traffic control upgrades