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.
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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.
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In the eye of the storm A rich account of Britain's political chaos
Tim Shipman’s fourth and final tome covers Johnson to Sunak, via Truss
Is this government full of amateurs?
Labour's hard landing has revealed a cabinet struggling with the basics
It's going to be weird when the national anthem plays, but I'm so proud to lead the United States
Emma Hayes closed the book on 12 trophy-laden years at Chelsea with her fifth consecutive Women’s Super League title in May.
Can Guardiola fix 'fragile' City after latest implosion?
Rebuilding his ageing side will bea greater challenge than building it in the first place for one of the greats
London wins battle of the global city brands again...
...but the capital still has plenty of work to do ifit wants to keep that crown
At home with...Earl of East
The duo behind the fragrance brand have made a Leyton new-build their sanctuary
How evolution evolved: the risks and rewards of gene-editing technology
INDIA BLOCKspeaks to paediatrician and TV writer Dr Neal Baer about the controversial advancement
This beloved take on Dickens is a joyful gift that keeps on giving
AIl through a bright, bitter winter day I was smiling because I was coming to see Jack Thorne's adapAtation of Charles Dickens's story again.
Market merrymaking
Bundle up in your warmest coat, hat and mittens to visit the best Christmas markets in the UK.
Festive favourites
Perfect your Christmas spread with a vibrant spin on a seasonal staple.
