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.
This story is from the January 23, 2024 edition of Evening Standard.
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This story is from the January 23, 2024 edition of Evening Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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