Cuidad Real airport's liquidation plan has been authorised by a Spanish bankruptcy court, and the disused gateway is up for sale with the minimum bid set at €100 million ($138 million).
The central Spanish airport was inaugurated in 2008 but entered bankruptcy in 2010 after a brief period in which scheduled flights were operated there by Air Nostrum, Air Berlin and Vueling. Construction had cost more than a billion euros.
In July, a mercantile court in Ciudad Real mandated dissolution of the airport's owner, CR Aeropuertos, and ordered that a liquidation plan be drawn up.
CR Aeropuertos was originally controlled by the regional Castilla La Mancha government and a regional savings bank – now also bankrupt – which had provided now-defaulted loans of €400 million to build the airport.
The liquidation plan, approved by the court in October, envisions sale of the airport as an "indivisible entity" including the terminal buildings, air traffic control facilities, instrument landing system, runway, and industrial development area. Bids will be accepted until 27 December.
Should the first round fail, the liquidation plan mandates a new formal tender process with a reduced minimum bid of €80 million.
The airport, located 200km south of Madrid, was planned as a low-cost alternative to Madrid Barajas, with direct access to the Madrid-Seville high-speed train line allowing a 50min travel time to the centre of Madrid.
An additional aim was to attract cargo operators with ample and cheaply available land for building logistic centers.