After six months sifting through the intricacies of the airport of Ciudad Real, the receivers have made a composition rather than by what is in competition.
The conclusion is clear: the mega project did not have a business plan and financial seriously. Furthermore, the objective was, first, to sell its adjacent land and then the entire complex to achieve capital appreciation.
- Origins. "The airport was born from the impulse of the Diputación Provincial de Ciudad Real and the Chamber of Commerce," the report filed with the bankruptcy court owner Mercantil de Ciudad Real, Amalio of John Home, who has had access EXPANSION. In December 2002, his actions allowed the Ministry of Public Works declaring authorize the construction of regional interest. The company was incorporated in 2001.
- Design. "From a conceptual standpoint, the model almost perfectly designed. Establishing an intermodal transportation hub for travelers and goods. " The airport had the trick of being next to the AVE (projected a halt has not been built) and is located in the center of the peninsula.
Administrators detected and the first hit, "The final investment volume expected to function as such intermodal center is not in any known plans, there are only studies of the air side (airport) and estimates of the station (...). AVE
However, the logistical ground appears as the engine of business plans. " The report highlights "The estimated value for the ground from the beginning (reduced drastically by the bankruptcy expert) has to cover investment and operating deficits, and even, leads to benefits."
At this stage, the problems begin because the owners need to relocate the center to be located in a Special Protection Area for birds, making it necessary to modify the project. Obtain the final environmental impact statement for four years, until 2006.
Vienna International Airport, the airport operator and the Austrian city was the industrial partner, is leaving the project in 2003.
- Construction. Work began in 2006. "It starts a phase of the airport itself is business for some owners," he says.
"The short-term loans obtained for construction along with the capital are sufficient to address construction. Nobody thinks of the following investments to complete the project and meet the designed operating model, the secondary airport of Madrid, "added the administrators.
At this stage, the partners are unable to close a business's financial structure. Institutions such as BBVA, reject it. "With Airport nearing completion (2008) and about to start the activity, carries a substantial debt to suppliers. Debt that can not be paid because no new credit be granted. "
Then, "the ground appears as a major asset, but not to bear the costs and the deficit, but that, accompanying the airport, and once operational, can be sold to interested investors" and derive gains.
Parallel to the construction, seeks buyer, and not to enter the competition, the company began a string of capital increases, all with virtually no cover, but "serve to maintain the expectation of recovery of suppliers. "
- Home of the flights. At this stage, there are new expenses, "without equity and no credit", but "they are required to submit an airport that will impress the new investors." The flights will begin December 19, 2008.
From that day until April 30, scheduled to enter Arab investors (funds spoke to Abu Dhabi and Dubai), "Society must take the credit from suppliers." "In this strategy, the board of directors, all the participating partners," concluded administrators.
All will crash when the Bank of Spain takes Caja Castilla-La Mancha, the great financier. The Arabs are removed and urges the contest.
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