There may have been a glimmer of hope a few years back when PY Gerbau got on board, as he was known for turning sinking ships around... however he jumped, so I would be willing to put my life savings (all £3.90 of it) that this project will NEVER see the light of day.
I hope those rare spiders are pleased with themselves - selfish arachnids.
Quite a lot of people (some of whom I know) had been working on this, fully knowing it was not going to get anywhere but were reaping the rewards financially, and good on them. Whilst it still had investment flooding in, why not.
Interestingly, there has been some investors in this that have invested in other leisure opportunities out in Saudi, and coincidentally, some of the same creative teams have been working on that, too... Part of me wonders if a lot of it the work for this project was not actually for this, but for other investments overseas - draining the final resources to boost the bottom line of other ventures.
CVA doesn't mean it's dead in the short term sadly, it means they're offering their creditors a chance to take pennies on the pound, and allow them to keep trading... The alternative is that the company is liquidated, which could leave creditors with nothing. Therefore creditors may well vote the CVA through and then this drags on for a few more years, having written off (or converted to shares) 80% of the money they owe so far.
In fact that very article suggests that many of the creditors are happy to vote for the CVA on the basis that some of the money owed is converted into shares, so clearly they're planning to / hoping to carry on with the pipe dream.
Actually, thinking about it, depending 'who' the creditors are, this could leave the project with some very interesting share holders. I'm worried that this might actually breathe another 5-10 years of misplaced hope into this project... :/
tl;dr This project should be dead by now, realistically they should have been going for a CVL (liquidation.) But I fear the CVA has been chosen as just another way for them to drag it out for a few more years to come.