If Newquay's debts are what has been speculated, and their entire customer base revolves around no more than a couple of commercial flights a day, the limited catchment area means that it has no future as a commercial airport.
Unlike Exeter, there appears to be an insufficiant business case for anyone wanting to buy the airport, and if I were a local politician, burdening the ratepayers with the cost of running it would not be the major item on my manifesto.
However, local authorities seem to like having an airport to burn ratepayers money on, and that, combined with the EEC money that is available to independant nations such as Cornwall, should see the airport survive in some entity or other.