Corvera airport saved from defaulting in last minute Madrid deal

Corvera airport has had a last minute injection of 40 million euros by the Spanish state to stave off bankruptcy after it failed to meet payments on a loan of 200 million euros which is now due.

Aeromur, the controlling company for the unopened Murcian airport, had declared intention of bankruptcy in an attempt to force Murcia region to pay the debt. Murcia had refused, despite being the underwriter for the debt.

The 40 million injection from the state (via an ICO loan to the region of Murcia, so it has to

Corvera, Murcia-San Javier and Alicante.
Corvera, Murcia-San Javier and Alicante.

be repaid…. at some point) means the 200 million aval can now be changed into a slightly smaller debt, allowing the banks who foolishly advanced the cash to get the bad debt of their books, and Murcia region (one of the most indebted regions of Spain) breathing time.

However, the money is dependent on a new contract being signed between Murcia and Aeromur, as the old contract is now officially broken, and the airport has no-one to run it.

El Mundo tells us that a government report in 2012 concluded that Corvera would never be profitable as traffic levels could never get up to high enough levels, even if San Javier closes.

We also learn that AENA will close San Javier and divert traffic to Corvera – if someone pays them at least 70 million euros compensation.

Let it sink is my opinion – the way Spanish politics works, they’ll probably end up closing Almeria airport as a compromise that doesn’t help anyone.

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