Esken Limited, an aviation group, has announced its intention to appoint administrators to the company. This decision comes after the company concluded that the proposed restructuring plan has ceased to be commercially viable. The company faced additional issues under Guernsey law, and the restructuring plan was deemed to carry unacceptable risk associated with the court process and could take considerable time to execute.
After careful consideration of the company's financial situation and the absence of further viable proposals, the board has regrettably concluded that placing the company into administration is necessary to protect the interests of stakeholders. The directors have resolved to file documents in court to appoint administrators from AlixPartners UK LLP to the company, with the application expected to be approved by the court.
The decision to place the company into administration does not breach the Recapitalisation Support Agreement announced on 6 March and is not expected to impact the recapitalisation proposal being implemented in relation to London Southend Airport, which will continue to remain fully operational and funded under that proposal.
As a result of these developments, the listing of the company's ordinary shares has been suspended with immediate effect. For further inquiries, individuals can contact Teneo.
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.