Andy
You are right that the impact on the airport itself is not likely to be serious - it remains profitable at the operating level. But if new finance is required from the shareholders it will not come from CitiGroup, who announced last August that they were withdrawing from this activity and seeking to sell their interests in Vantage etc.
Yes, Peel have deep pockets, and maybe the outcome will be that they buy back the shareholding they originally sold to Vantage, at a discount of course! Stranger things have happened.
And it should certainly not be assumed that banks will be falling over themselves to refinance the debt. Times are tougher than they were a few years ago, and a lot of airports are finding it difficult to secure as much debt finance as they used to. The recent decline in LPL's traffic, and the fact that both its major customers have been growing down the road at MAN, will be weighing heavily on the banks' minds. It will be a hard sell.