Pre-pack and a Pheonix?
Dave, that had been my initial thought. Given the council are owed, and they do not want to operate it, sets up a classic prepackaged opportunity. Done well, spectacular way to shift debt. Sir Shifty……….
Hopefully if the current airport operators continue with that and fully take it on, the commercial property element will attract institutional investors and scotch any prepack involving the current owners.
Can the airport recover the commercial property income which Erinaceous sold to some banks?
Mmmm, would really depend how it was structured. The beauty will be in the lease set ups, and if operating companies were disengaged from the commercial property rental incomes. I honestly do not know how it was set up. It did look like a wee bit like a maze, always music to the ears of the successful pre packer……also a lot will depend on the current value of assets, and any realisable income from sale. If it were a pre pack, homework is generally done well in advance, to prevent any hiccups. I.e, those that are owed getting anything..
…is there a behavioural link between owner pilots and corporate restructuring?
…in a different galaxy long ago was known to advise unsecured creditor committees…having to establish ‘expert’ credentials, say in a Dallas court, makes an FAA oral easy.
If the outcome was saving jobs, and setting up new governance, this work was actually socially useful. It’s a pity Europe doesn’t have a Chapter 11 tradition.
BeechBaby wrote:
If it were a pre pack, homework is generally done well in advance, to prevent any hiccups. I.e, those that are owed getting anything..
Indeed. But it is also useful keeping certain creditors fully informed. 
