Feb 10, 2021
Birmingham Airport to get £18.5m emergency loan
Birmingham Airport is to get an £18.5m emergency loan from the city council to help avoid the threat of insolvency. Since the pandemic, the airport has seen passenger numbers fall by 91%. The loan was approved by the cabinet group on Tuesday when councillors were told the site was enduring the most "Severe downturn" in its history. Birmingham City Council is one of seven local authorities in the region that are shareholders of the airport's holding company BAHL. All of them were approached for financial assistance and the meeting heard four will contribute to the loan along with the other shareholder, Ontario Teachers' Pension Plan, LDRS reported. Councillor Meirion Jenkins asked if £18.5m was sufficient, while suggesting councils perhaps had "No choice" but to approve the loan to stop the airport going insolvent and more money being lost. The airport said it had taken measures to preserve cash and manage costs, including suspending capital projects and using the government's Job Retention Scheme.
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