Shareholders in Waterford Regional Airport Ltd have approved plans to liquidate the company, clearing the way for a major redevelopment aimed at restoring commercial flights to the south-east.

An extraordinary general meeting held in Waterford city on Monday backed the proposal, allowing a new entity, Waterford Airport Ltd, to take over the project.

The redevelopment will be led by US oil billionaire Kelcy Warren, who is set to become the principal investor.

Shareholders voted overwhelmingly in favour of voluntary liquidation, with 483,881 votes supporting the move and 825 against, following a recommendation from the board, according to reports from The Irish Independent.

A second motion authorising chairperson Michael Walsh to oversee the process was also carried by a large margin.

Around 1,300 shareholders were involved in the vote. A 30-day period will now follow to address any outstanding objections, although independent councillor Declan Barry said the outcome effectively marks the completion of the deal.

A formal sod-turning ceremony is scheduled for May 18, with construction works expected to take approximately 12 months.

Mr Warren is investing between €30 million and €35 million in the project, which has also been supported by a €30 million funding package approved by Waterford City and County Council. Businessman William Bolster played a key role in brokering the agreement.

The redevelopment will include a significant runway extension and infrastructure upgrades, enabling larger aircraft to land and paving the way for the return of commercial passenger services.

The airport is targeting passenger numbers of more than 400,000 annually within five years.

Plans include extending the runway to 2,287 metres and widening it to 45 metres to accommodate jet aircraft.

The investment was subject to screening by the Department of Enterprise, Trade and Employment under the Third Country Transactions Act 2023 to ensure there were no national security or public order concerns.

The agreement will also allow for the settlement of existing debts and liabilities, while safeguarding current jobs and maintaining search and rescue services at the airport for at least another decade.