Airport struggles with runway financing
15.11.09
Birmingham Airport’s plans to extend its runway could fall victim to the credit crunch, the Solihull News reports. Proposals to extend the airport runway by 400 metres were given the green-light by Solihull Council in April. But it the £120m development is struggling to get off the ground - with airport bosses hunting for financial backing.
Paul Kehoe, the airports’s chief executive told the newspaper: ‘We have a recession but, in terms of trying to borrow money, the banks will lend and we have credit-worthiness. However, trying to get a decent rate of interest is a nightmare.' He also questioned the business case for the extension, which at one stage was due for completion by 2012, given the current climate.
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