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Airports operator BAA has warned that it could be forced to delay refinancing plans as a result of proposed new price controls at Heathrow and Gatwick.

BAA's owner, Spanish construction group Ferrovial, said in July that it planned to complete the refinancing this year. The group is taking the action in order to refinance debt that it took on in order to buy BAA last year.

In a statement BAA repeated claims that its plans to refinance up to £10 billion of debt will be at risk if British regulators proceed with planned new price controls at the company's airports.

Last week the company claimed that new price controls recommended by the Competition Commission for London's Gatwick and Heathrow airports would make it more difficult for the firm to improve standards.

In suggesting the price changes the Commission, which made the recommendations to the Civil Aviation Authority (CAA), also slammed the long queues faced by travellers at the airports.

Clarifying its position in a statement today BAA once again warned that, if the CAA adopted the recommended price controls without amendment, the company "might not be able to implement its refinancing plans as currently envisaged".

The company said that while it was still working with advisers on the refinancing plan, it might not be able to finalise the plans until the CAA reaches a decision on the price controls next year.

"BAA will, over the coming months, be working with its advisers and other key transaction parties including the rating agencies to continue to design a refinancing plan, although it may well not be able to finalise any such plan until the regulatory settlement is published by the CAA next March," BAA stressed.

The airports operator confirmed that it intended to consult with leading bondholders under the auspices of the Association of British Insurers "in due course".

While BAA is unhappy with the proposed new price controls, the Competition Commission has insisted that its recommendations take into account the company's plans to spend money improving Gatwick and Heathrow.