US private equity giant Carlyle have agreed a deal to settle a debt of the current owner of London Southend Airport (LSA) and will now take control of the site.
Carlyle will have a 82.5% stake in LSA and Esken the current owner will keep 17.5% of the airport.
Esken agreed the proposal to settle the debt of £193.75 million to Carlyle Global Infrastructure Fund.
On Wednesday they said in a statement, “The company has agreed to accede to that recapitalisation proposal in relation to LSA.
“This will therefore proceed on a consensual basis, rather than through a contested court process, which could be potentially destructive for all stakeholders.”
Esken said, “The court process for the Esken restructuring plan is likely to take several months to conclude but, in the meantime, the future funding of LSA is secure and the board will progress the orderly wind down of the remaining group.”
