Airport owners in Australia and New Zealand hard-hit by COVID-19 were already scrambling to get waivers on their debt covenants when Virgin Australia collapsed last month. Shaun Drummond looks at what airports are doing to survive while the industry remains grounded
Airlines go bust regularly. Airports do not, which is why infrastructure investors buy them. But the coronavirus’ grounding of virtually all flights globally is the biggest test so far for the sector with many facing defaults on their debt covenant ratios.