I don't *know* anything substantial - however, I have heard various rumours from all sorts of directions that point to a happy resolution for civilian ops, viz:
Airport recently gained approval for expanding various buildings
Air Southwest just about to start routes from there
Local government very keen on keeping it open (see transport white paper etc.)
Don't see that Ryanair has an alternative in the SW (Plymouth too small for B737, Exeter and Bristol carry rival lo-co's) and while Skybus and ASW have home bases elsewhere, they both seem to see EGDG as very useful.
I believe that SERCo's only involvement is handling and ground services on contract from the operator of the civilian terminal. No ATC links or anything at this time.
As and when I know more and can say so, I will!
DinD
(Currently suffering at Rudloe for the cause of Approach Procedural Control)