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Southend Airport in crisis over £194m loan demand
Evening Standard
|January 23, 2024
THE future of Southend Airport was today plunged into uncertainty after its troubled owner Esken faced demands for urgent repayment of a near £200 million loan.
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.
Cette histoire est tirée de l'édition January 23, 2024 de Evening Standard.
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