If the airport had got permission and built a 2 million capacity terminal they would have been in exactly the same position as they are now but the debts would have been far higher. The dream that the terminal would have somehow saved them or that the lack of permission closed it is way off the mark.
Large established airports are making heavy losses at the moment. CVT would never have survived this far anyway......
Why CVT would want anything bigger than is being proposed is beyond me. The days of milk and honey airports are well and truly over....