Originally Posted by
onion
As far as I remember it was operating profit which would be used to repay the loans to the Tees Valley mayoral office.
The debt is mostly the loans, the figure to look at is the equity, the debt against the asset. At the last set of accounts it stood at -£10m (that figure at the time is a little high too as there is a provision for liability that may never materialise of £3m too) meaning that the debts are more than the assets, but this is an asset that is owned by that office so they have in a crude way only spent £10million on the place. As if it were to go under they would still own the asset. Or as was said it would be turned into housing/commerical development again owned by the Tees Valley Mayoral office.
I still think the way the current mayor is handing over assets and land to private companies will be what happens to the rest of Teesside.
Someone needs to investigate how the public assets are being given away to private operators? Remember its tax payers money that bought the airport off Peel. Losing £13m a year of the same public money is crazy.