Newcastle International Airport has confirmed to ITV Tyne Tees that it has begun the process of refinancing its debt. In a statement released today, the airport said it has "a programme of debt refinancing which is reviewed and renegotiated in accordance with the banks terms. It will take much of this year to achieve the best possible deal for the business which means a specific end date cannot be confirmed at this stage."
The existing financing arrangements expire at the end of 2013.
The airport has also confirmed that it is the intention of Copenhagen Airports to sell its 49% shareholding. In recent years the company has disposed of its overseas airport interests. Newcastle Airport is understood to be the last remaining interest.
The seven Local Authorities that own the remaining 51% of share intend to retain their holding.
*The seven Local Authorities are: *
- Durham County Council
- Gateshead Council
- Newcastle City Council
- Northumberland County Council
- North Tyneside Council
- South Tyneside Council
- Sunderland City Council
The airport serves a catchment area of the North East, South Scotland, Cumbria and North Yorkshire. 4.3 million customers used the airport in 2011.