As published, the report bankruptcy Ciudad Real airport a liability of 319 Meu against assets valued at 692 Meu. The debts may be higher.
The report reveals that poor financial planning of the project, whose funds own after eleven insufficient capital increases (amounting to 156.7 MEU) and basically resorted to short-term debt (306 MEU) provided by Caja Castilla-La Mancha. In fact, the Fund is the largest creditor with 174.8 Meu airport, plus another 3.7 MEU in contingent liabilities, unrecognized.
Moreover, CCM was the largest shareholder until their participation was transferred to the Fund-Bank Restructuring and Management Frob-) with a 36.43% stake, which has involved input from MEU 57.11 .
addition, the Fund has financed 31% of investment from other partners, securities that are pledged to the entity Castilian-La Mancha. Of the major partners, only Iberdrola (a 9.92%, valued at 15.55 MEU) and Isolux (3.64%, valued at 5.71 MEU) have no shares pledged with the box.
After Caja Castilla-La Mancha, the second and third creditor are Cajasol and joint venture formed by Isolux and Sacyr, which built the airport, with 37.76 MEU (234,000 contingent debt) and 20.76 MEU, respectively .
addition to poor financial planning, managers explain the bankruptcy of the airport "the delay in the start-up" (December 2008, seven years after the company's incorporation), the inadequate size project and lack of income caused "significant losses and negative equity since 2007."
The report notes that some members did business with the airport construction, which involved an expenditure of 370, 3 MEU, although some are owed money.
The construction of much of the work was made by the Consortium Sacyr and Isolux (owns 3.64% of the company). This cost amounted to 214.37 MEU, said the report.
The construction of another part of the area was awarded to Leon Construction Trivedi, company chairman of airport management that 9 MEU and was billed subcontractor Isolux Consortium. Montreal
assemblies (the first to file bankruptcy from the airport) performed work valued at 16.9 MEU and participated in the joint venture which started the construction of dry port (worth 2.9 MEU). This company is owned 51% by the Company Routes, controlled by Domingo Diaz de Mera (owns 8.15% of the airport) and Ignacio boat (his family controls 5.45%).
Source: Expansion .
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