The future of Newcastle airport is uncertain after the 7 councils that own it including Durham, Gateshead, City of Newcastle, North Tyneside, Northumberland, South Tyneside and the City of Sunderland have announced it may consider selling its share, Copenhagen airport which owns the other 49% are also thought to be considering selling.
The sale is due to mounting debts at the airport and the repayment deadline of a £320million loan taken out in 2006 which is due in 2013 December.
LA7 who manages the Councils stake say they had to pay out £22 million in interest during 2009 and are £4.2 million in the red.
If an investor can’t be found to pump more cash into the airport then the Councils will have to sell their stake.
Monday, 18 April 2011
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