Derry Airport privatisation plans
11.10.09
Derry City Council is taking the first steps to bringing private investment to City of Derry of Airport. A holding company will be set up with the council retaining 100% of the shares. As part of the reforms the council is to seek expressions of interest from private investors.
The chairman of the airport committee, Colm Eastwood, said the current level of public subsidy is unsustainable. He said: ‘Reform is driven by our commitment to reduce annual public subvention of £3.5 million, a need to strengthen the airport's commercial performance and a requirement by Government to establish a new governance regime. Our aim is to ensure the region has an affordable and successful airport and this sequence of reform will safeguard investment and growth.’
Under the new holding company structure Derry City Council will be 100% shareholders in CODA Holdings. The CODA company will own two subsidiaries that will operate the airport and hold the lands and facilities that make up the airport.
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