RiverOak Press Releases

August 21, 2014

PRESS RELEASE

RiverOak Investment Corp has released its Response to the Airports Commission’s Discussion Paper No6 “Utilising the UK’s Existing Airport Capacity”. The Response was filed at the end of last month and has been sent to all elected members of Thanet District Council and Kent County Council as well as the leaders of all the other Kent districts and Medway.

In its Response, RiverOak supports the proposition that a new runway is required in the South East but emphasises the fact that effective use of second tier runways such as Manston would ease capacity constraints facing the region in the immediate and long term future.

The Response points to the fact that in 2013 Manston was the sixth busiest airfreight airport in the UK with freight volumes greater than Luton, Belfast, Edinburgh and Birmingham. The 30,000 tonnes of cargo handled is the equivalent in work load terms of 300,000 passengers.

The Response contains a detailed analysis of the demand for air freight and points to the Department for Transport’s own forecasts which show that by 2020 £42 billion of air cargo will be lost to London airports because of capacity constraints. It reminds the Commission that Stansted is the only other South East airport to take dedicated cargo, but that Stansted’s aggressive plans to expand its low cost passenger services will result in a displacement of cargo operations for the remainder of this decade.

A spokesman for RiverOak said:

“The research we commissioned for this Response has confirmed what we already knew, namely that there is a strong demand for a range of air services at Manston and that Manston can play a key role in relieving some of the pressure on capacity at the airports surrounding London.

“Our proposal is that if the CPO is confirmed, Manston should be re-opened in 2015/16 as a Sky Port and Integrated Aviation Services Hub. The initial focus would be on re- establishing the airport’s cargo business, particularly in the perishables niche with business aviation, emergency service work and the flying school. This would be followed by facilities for aircraft maintenance and teardown, with passengers following in the summer of 2017. Manston would also be re-established as key diversion airport capable of providing emergency resilience in the wider South East airport system.”

Contact Tony Freudmann on 07785 306715

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August 21, 2014

 

Response to Airports Commission Discussion Paper No.6

Utilizing the UK’s Existing Airport Capacity 

To open PDF click here

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Previous Press Releases

 

Manston Airport, Kent

May 6th 2014

RiverOak Investment Corp LLC of Stamford Connecticut announced on May 4, 2014 that it hadsubmitted a formal offer to acquire 100% of the shares in the company owning ManstonAirport.The offer wasconditionalonlyon an expeditedprocess of due diligence with closing anticipated by the end of May 2014.

The consideration offered is significantly higher than the entire capital investment expended by the current owner since Manston was purchased in November of last year.

RiverOak’s executives visited Manston on April 29th and travelled to Scotland to meet Mrs Gloag and her advisor on May 2nd. RiverOak currently has $350 million of assets under management with a number of operating partners and has a successful track record of turning around troubled operating and real estate assets.

In this particular project, RiverOak is the capital partner of a number of aviation operating entities specializing in aircraft maintenance and cargo operations, and principal partners at RiverOak have extensive US experience with the capital markets and debt restructuring of a number of major airport assets, one of which is a singular maintenance and cargo hub in Texas.

RiverOak has developed a long term plan to own and manage Manston as an airport in line with its investment philosophy of diversified investing in asset backed businesses. RiverOak remains committed to investing in and developing Manston as a successful diversified aviation services, cargo and potential future passenger airport facility, and values Manston as an important piece of aviation infrastructure that is very important to both Kent specifically and the United Kingdom in general.

RiverOak is distressed to learn of the announced closure of Manston today and remains willing to engage with all parties to achieve a solution which allows the airport to continue operating and preserves the jobs of its staff.

For further information or press inquiries contact Tony Freudmann at 07785 306715