Székesfehérvár buys out stake in Alba Airport from bankrupt PlaneStation
Thursday, October 20, 2005, 12:39
The local council of Székesfehérvár (NW Hungary) has temporarily become the sole owner of Alba Airport, the development company set up to turn an old military airbase, 40km southwest of Budapest, into a commercial airport, after the UK's PlaneStation, which earlier owned half of the company, went bankrupt, business weekly HVG reported. HVG reported that the council has transferred the 50% stake to Hungarian property developer Biggeorge's. Ferenc Tóth, who heads Alba Airport, did not deny the transaction. Biggeorge's announced in September that it planned to invest Ft 15 billion at the airbase to convert it into a commercial airport, catering to low-fare airlines. HVG reported that Biggeorge's has already set up a project company for the airport, Pro-Omikron, through which the airport will receive Ft 500 million. At the moment, the area around the airport is being cleaned up of environmentally hazardous waste, but construction work should start next year and the airport is expected to open to commercial flights by 2009, HVG reported. In addition to the Székesfehérvár local council, the local council of Aba, where the airbase is located, will take over a 25% stake in the airport.