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UPDATE: Esken in administration as restructuring no longer "viable"
Esken Ltd - London-based provider of infrastructure, aviation and energy services - Clare Kennedy, Daniel Imison and Catherine Williamson of AlixPartners UK LLP appointed as joint administrators.
Earlier Thursday, Esken said that after consulting advisers it has concluded that implementing the restructuring plan "has ceased to be commercially viable". Esken, which is registered in Guernsey, said that "additional issues arise under Guernsey law...where the plan results in compromising the rights of members," as was the case for the Cyrus restructuring plan. Consequently, Esken concluded that the lengthy court process needed to complete the restructuring came with "unacceptable risk".
By Eric Cunha, Alliance News news editor
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
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