Audit Says Global TransPark In Danger Of Bankruptcy

Not very good news for the struggling Global TransPark in Kinston.

An independent auditor's report questions whether the TransPark will be able to meet its debts next year. Specifically, a $32-million loan from the North Carolina Escheat Fund which matures October of 2009.

The audit shows GTP's net revenues for 2006-07 was $420,000 and auditors say if the TransPark were to go bankrupt, then the FAA may force it to repay $18 million in funds.

In a management letter attached to the audit, the GTP says it remains hopeful it will be able to attract more tenants to the complex. The TransPark says it shows strong signs that is could be the economic engine for eastern North Carolina that it was designed to become.

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