Last set of filed accounts show Newcastle Airport Local Authority Holding Company owing £427m!
The total equity in the business was shown as -£166m!
On the flip side the debt is being serviced and the airport made a profit in the year ending 2019 of over £7m
Most of the debt though is owed to non governmental institutions and there is the commercial interest rates to contend with. Some over 8%.
Some of the debt was restructured in 2016.
The concern here is Newcastle are in a sticky position if one of the commercial lenders go into admin and they call the loan in so to speak!
The last return I could find showed the local councils as the shareholders. So in theory there shareholding is worthless.
It is worth noting too that a £153m bank loan is to be repaid in full in 2023.
The company has pension liabilities of £12m and owes the tax man £20m odd in deferred tax (although this is legitimate tax planning)
Interesting to say the least.