Cork debt
Problem is that there are several agendas at work in relation to the debt. Zero debt is not going to happen and it's simply being used as a ploy by those who do not want Cork to become an independent company for their own reasons.
The board are split in relation to the debt issue and it may take untill 2009 when a new board will be appointed to sort things out.
I'm not sure if this issue is really holding back Cork. There are compelling reasons for not offering Ryanair a Shannon type deal and driving all others out. Aerlingus simply doesn't have enough aircraft to expand at Cork and the overseas carriers are simply extremely cautious about expanding at an airport that is an Aerlingus and Ryanair base.
I would doubt if Wizz, Central Wings, Sky Europe, Jet 2, Air South West and BMI baby would stay around if EI and FR really took them on. Malev and CSA have already fled as have several foreign operators from Dublin.