Esken Limited, an aviation group, has negotiated a restructuring plan with Cyrus Capital Partners, the majority holder of the exchangeable bond of £53.1 million. The plan involves a consensual recapitalization proposal for its wholly owned subsidiary, London Southend Airport (LSA), to avoid a potentially destructive contested court process. The terms of the proposal include a conversion of debt into stakes and new funding to secure the future growth of the airport. Additionally, the proposed restructuring plan for Esken would involve equitization of the exchangeable bond, delisting of shares, and a negligible return for shareholders. The company's board has halted previous plans in light of recent events and is now focused on the orderly wind down of the remaining group. The court process for the Esken restructuring plan is expected to take several months to conclude.