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Aeromur renegotiates Corvera Airport loan

Source: La Verdad - Tue 22th Jan 2013
Aeromur renegotiates Corvera Airport loan

Aeromur - the concession holder of Corvera Airport - intends to refinance the 200 million loan it was awarded in 2010 by a consortium of banks in order that they could complete the project.

The loan was eventually awarded only after a guarantee by the regional government of Murcia.

The fact that the loan will exceed its deadline next month, together with the fact the airport is still not operational - and therefore without means of repaying the loan - means that new terms must be agreed.

When the loan was awarded in 2010 it was agreed that the repayment would be made in full - plus interest - within 3 years of the airport becoming operational. Given that the originally agreed date for opening has been delayed by more than 2 years it is perhaps understandable that the Banks are keen to recoup their investment.

The new terms of the loan are expected to demand full repayment - plus interest - by 2015, regardless of whether the facility is operational or not.

The question now is whether the airport is capable of generating enough revenue to successfully repay the loan and make a profit.

If recent "suggestions" that Murcia's San Javier Airport may NOT close ring true it looks unlikely.

Comment on this Story

The banks know that Aeromur will not meet the renegotiated loan repayment of 2015, but because its backed by the Regional Government they will happily amend the terms. The risk of default continues to be covered by Murcia. This airport is no longer financially viable to Aeromur, but with the Regional Government getting involved in a private financed airport its complicated and muddied the waters. This might turn into another Castellon !
Lucinda Castiles - Wed, 23rd Jan 2013

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