2015 begins with Corvera airport still very much in the news

The government presses forward at Corvera while Aeromur weighs up its options

2014 ended with the situation regarding the new Region of Murcia International Airport at Corvera having suddenly changed dramatically: the management company Aeromur was abruptly removed from the equation by the regional government, who announced their intention to put the management contract back out to tender as soon as possible.

One of the consequences of this change of plan was that it was initially seen as inevitable that the opening of the airport at Corvera would have to be put back until at least early 2016, but Francisco Bernabé, the regional Minister for Development and Public Works, has stated in an interview this week that it may yet be possible to bring this date forward to the end of 2015. While admitting that this is optimistic, he nonetheless states that it cannot be ruled out if everything runs smoothly.

According to Sr Bernabé it is theoretically possible for the new management contract to be signed and sealed by the end of the summer, and he hopes that the invitation for bids will be ready by the end of February.

The involvement of Aeromur, he goes on, is now over once and for all, after the former management company at Corvera failed to provide adequate guarantees for the paying back of the 182-million-euro debt which was guaranteed and has now been taken on by the regional government. Future negotiations with the company will concern the compensation to be paid to them for “a series of costs” which they took on, and Sr Bernabé reports that the government will not shirk its obligations regarding all spending which can be vouched for.

At the same time he was keen to stress that those from whom land was expropriated in order for the airport to be built will be fully compensated.

As for the new tender process, Sr Bernabé is convinced that State-owned company Aena will present a bid, explaining that the national Minister for Development Ana Pastor has given her word that this will be the case. Should there be no bidders this would be a “major problem”, but in his view the airport at Corvera is an appetizing prospect, with “magnificent facilities” and the potential for significant growth.

Exactly what the future holds regarding Aeromur, though, is still the object of considerable speculation. Having been stripped of its only activity the company is now in the process of organizing a drastic downsizing of operations prior to possible bankruptcy proceedings, and it seems that majority shareholder Sacyr may well take sole responsibility for settling the debt to the regional government.

Whether this is achieved by means of an amicable settlement or through complicated and drawn-out legal battles remains to be seen.

The first move has to be reducing the board of directors of Aeromur to just three people, José María Orihuela, Rafael Gómez del Río and Víctor Martín, all of them representing Sacyr Concesiones. President Patricio Valverde has to step aside, as does Antonio Ballester, who until now has represented minority shareholders BMN, SabadellCAM, Infucapital, Cementos La Cruz and Montoro e Hijos.

This new slim-line board will decide on the course of action to be followed over the next few weeks, with one option being to re-initiate bankruptcy proceedings. This was already done when the regional government first rescinded the company’s contract, but throughout most of 2014 Aeromur and Sacyr have invested at least another six million euros in covering the expenses needed prior to opening the airport. The company maintains that these costs were incurred following the instructions given by Francisco Bernabé’s predecessor, Manuel Campos, who resigned in November when it emerged that regional president Alberto Garre was ready to end the association with Aeromur.

How this and other issues, including the proposed closure of San Javier airport, the relocation of workers and the payment of compensation to Aena, will be resolved is unclear. What is certain, though, is that the process will be a complicated one, and will continue to dominate the headlines in the Region of Murcia during 2015.
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