davidjohnson6
I can't quite see it because the loans will have undoubtedly been subject to Parent Company Guarantees, and Vinci and GIP have not issued any warnings that they are in any jeopardy of defaulting. If they predate 2019 when Vinci bought a half-share then they will again undoubtedly have been revised to the new ownership at that time.
It's not quite apparent how they could manage to get to this position without, as described above, being substantially over-leveraged (alias borrowing too much), and/or having paid out too much from reserves as dividends. That doesn't sound quite like Vinci corporate, who commonly have a long term view of things. GIP can be different. I wonder if a difference of opinion has emerged between the two.
I wonder what the loans were for. It's not exactly like they have built a new runway or a new terminal, is it ? Lesser works should normally be paid for mainly out of retained earnings.