Rolls-Royce's rights issue is emergency button it should have pressed sooner | Nil Pratley

Assuming the financial package is completed, collapse or a full-blown state bailout should be off the table for a whileThe process was slow and spluttering, but the Rolls-Royce got there in the end: there will be a fully underwritten rights issue to raise £2bn, plus a new £3bn debt package. If the civil aviation market comes out of hibernation by 2022, it should be enough.The UK’s premier engineering company didn’t even have to trot off to Singapore for sovereign wealth m