Spain's Ciudad Real Airport - Bidding Closes Today

 

José Francisco Ortiz, President of WWI Investment Corporation, has resubmitted his offer to purchase Ciudad Real Airport from the receivers of the bankrupt facility.

The Businessman's first offer was originally rejected on the 27th of December as, despite being of sufficient value to be of interest to the administrators, it was not secured with the required 5% Bank Guarantee.

The decision was subsequently made to extend the bidding process until 13:00 Hours on January 24th, where Ortiz was 'advised' by the receivers to retract his original bid and resubmit with the appropriate security.

It is reported that Ortiz has resubmitted his bid, but emphasized that he will not engage with further legal wranglings and 'judicial wars', reminding the administrators how his company had a long and impressive track-record of financing start-up companies in Spain and how it would not be easy to find an alternative buyer - especially under the current political and economic image of the country.

The businessman also stated how his bid of €120 Mln was accompanied by a financing guarantee of €15.5 Mln, which was in excess of the amounts stated in the initial tender process.

The total cost of building the facility when it first opened in 2008 was placed at €1.1 Bln.

It is understood that the offer to buy Ciudad Real Airport is part of the group's wider vision, and will become part of a technology park, which will work within the renewable energy sector, and has hopes of generating some 85'000 jobs in Spain during the next decade.

Providing the administrators play ball, Ciudad Real Airport could have a new owner before lunchtime on Friday.

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