Southend could end up suspending operations, according to Esken chair David Shearer, if lender Carlyle pushes ahead with plans to force through early repayment of a £194 million convertible loan by February 16 when it had been set to mature in August 2028. Shearer said he was "doing everything I can" to avoid this worst-case scenario unfolding.
US investment giant Carlyle has accused infrastructure company Esken of flouting the terms of the debt deal, agreed in 2021, with breaches stretching back as far as November 2022.
Esken denies this and has filed a defence in court in a legal battle over the loan repayments.
Esken, formerly known as Stobart Group, warned that forcing through the repayment would have "significant adverse implications" for the airport and would be "value destructive for all stakeholders". Its shares crashed 41% to 0.5p. The stock has fallen more than 90% over the past year.
Denne historien er fra January 23, 2024-utgaven av Evening Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January 23, 2024-utgaven av Evening Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Kylie Minogue loves the bar at Louie, startling Beefeaters and snooping in The Conran Shop
Currently it’s largely suitcase-based as I’ve been doing so much travel for work, but Melbourne, Australia, is home.
Are Spurs willing to invest what it takes to win trophies?
Criticism of the manager for the club's struggles misses the point-whatever he says, he's not been given a squad ready to push for the biggest honours
Crowning glory awaits Britain's golden girl
Odds-on favourite to win BBC Sports Personality, Keely Hodgkinson never doubted she was ready to conquer the world
Residents at war over £10 billion 'Shanghai-style' Earl's Court plan
Controversial proposals are causing a huge furore in west London
The secrets of selling the capital's £40m homes
Armed security, NDAs, a gold temple...inside the world of ultra high-end property deals
Jenny Packham on Amsterdam why is truly magical at Christmas time
The designer gets lost in the cobbled streets and is entranced by the city’s twinkling lights and unique spirit
Alfies Antique Market
Here is a place to blindly lose oneself in a labyrinth of staircases and thresholds.
Decline and fall: what comes after peak wellness?
The social elite are obsessed with devices that track their health but the backlash is building
The newest AI can arrange your holiday- but will it be a strictly woke one?
A lightning-quick artificial megabrain with an appetite for social justice? WILLIAM HOSIE has a chat with Claude Al
'Fame just isn't healthy
Mercury Prize-winning band English Teacher on the pressure of success, trying not to burn out and the challenges black women face in indie music
