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11/04/2008
Cork Airport Accepts Debt Deal
Cork Airport Authority (CAA) has put an end to their long-running dispute with Dublin Airport by accepting recommendations that it assume millions of euros in debt as the price of independence.
Last night, the CAA held a crunch meeting and agreed 'in principle' to accept the debt, in return for its independent operations.
The decision was not a unanimous one and CAA have stressed that it was made with deep concerns and reservations. Several members of the board are said to be still furious that the Government reneged on their promise that the airport could begin independent operations debt free.
Trouble-shooter and former trade union leader Peter Cassells recommended in his report, that Cork Airport should pay a €113 million debt, and in return the Dublin Airport Authority (DAA) should transfer ownership of land around the airport to the CAA, along with its stake in the Brooklyn business park.
He also advised the DAA to make a payment of €10 million to the CAA to help it meet pension and other funding requirements.
However, the debt assumed by CAA is expected to be €60m rather than the €113m initially proposed. Also, some members of the board have called the fairness of the allocation of assets included in the report into question.
Confirmation from the CAA is expected later today.
(VB/JM)
Last night, the CAA held a crunch meeting and agreed 'in principle' to accept the debt, in return for its independent operations.
The decision was not a unanimous one and CAA have stressed that it was made with deep concerns and reservations. Several members of the board are said to be still furious that the Government reneged on their promise that the airport could begin independent operations debt free.
Trouble-shooter and former trade union leader Peter Cassells recommended in his report, that Cork Airport should pay a €113 million debt, and in return the Dublin Airport Authority (DAA) should transfer ownership of land around the airport to the CAA, along with its stake in the Brooklyn business park.
He also advised the DAA to make a payment of €10 million to the CAA to help it meet pension and other funding requirements.
However, the debt assumed by CAA is expected to be €60m rather than the €113m initially proposed. Also, some members of the board have called the fairness of the allocation of assets included in the report into question.
Confirmation from the CAA is expected later today.
(VB/JM)
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