LONDON: Esken Limited has announced the suspension of its restructuring plan, citing commercial non-viability and legal complexities under Guernsey law. The company, which had been exploring restructuring options, has identified an unacceptable level of risk associated with the court process required to implement the proposed plan.
The board, after a thorough review of Esken’s financial situation and in the absence of any other stable solutions, has made the difficult decision to place the company into administration. This move is aimed at safeguarding the interests of its stakeholders.
Documents have been filed in court to appoint AlixPartners UK LLP as the administrators, with approval expected within the day. The company assures that this step does not violate the Recapitalisation Support Agreement from 6 March and will not affect the ongoing recapitalisation efforts for London Southend Airport, which remains operational and funded.
As a result of these proceedings, trading of Esken’s ordinary shares has been halted immediately.
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