A meeting of the board of directors of Waterford Airport this Wednesday has been described as a 'make-or-break' moment for its future.
According to the Irish Examiner, the meeting on Wednesday will hear from a key shareholder on whether negotiations to secure private financial investment have been successful.
There has been warnings that the airport could go into receivership if funding is not obtained.
The private investment has been earmarked for a long-awaited runway expansion at Waterford Airport, which received planning approval from An Bord Pleanála in February for a 900m extension.
As a result of that planning permission, it has been hoped that commercial flights that the airport will be able to host commercial flights for the first time since 2016.
The Airport has not been in receipt of any government funding as of late - given that it has not received any of the annual emergency supports from the Department of Transport on account on lack of activity.
The Examiner reports that a private consortium of South East companies including Coolmore Stud, Glanbia, Dawn Meats, and builders Frisby Construction were set to invest €5m in the airport in return for an equity stake in the company, before the board then decided to seek backing from a sole investor.
Attempts to secure an investor have been ongoing since late 2019 and this week's meeting will confirm whether the board has been successful.
The airport's largest shareholder, Mr. William Bolster, is expected to confirm to other directors at Wednesday's meeting whether he has been successful at bringing in private backing for the company.
In terms of existing funding commitments - the airport received a commitment of €5m capital funding for the extension from the Department of Transport in 2019. The remaining €2m was committed by local authorities in Waterford, Wexford, and Kilkenny.
The runway extension was costed at €12m in 2019, although it is now believed this has now risen to €15-€16m as a result of a rise in construction costs.
For all the latest news in Waterford, click here.
