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British shipyard to close
Photo of Sam Chambers Sam ChambersApril 5, 20241 2,050 Less than a minute
A&P Group
A British shipyard is closing. A&P Tees is a five-acre site in northeast England primarily focused on ship repair with two drydocks and 240 m of jetty frontage. A&P has two other yards in England.
Shipbuilding has taken place at the former Smiths Dock site since the early 1900s. A&P took over the location in 2003 following the collapse of Cammell Laird.
Workers at the Tees facility are being offered jobs
All buys is fake.
Looking like Esken L.t.d stocks off the market.
Does Esken L.t.d have any Money
Esken, the aviation group, announces that, further to the announcement issued on 26 September 2023 and the circular issued on 6 November 2023 (the "Circular"), on 19 January 2024 its wholly owned subsidiary London Southend Airport Company Limited ("LSA") submitted its defence in relation to a court claim by Carlyle Global Infrastructure Fund ("CGI") alleging a technical breach by LSA with respect to the convertible loan agreement entered into between LSA and CGI. Esken is confident that LSA has a robust position in relation to the CGI claim.
LSA has subsequently received notification that CGI is alleging a number of further breaches by LSA with respect to the convertible loan agreement and that CGI has issued an acceleration notice to LSA, demanding repayment of the loan in the amount of £193.75 million by 16 February 2024. The convertible loan has a maturity date of August 2028. There have been no payment defaults by LSA in relation to the convertible loan agreement and LSA cashflow has been in line with expectations. Esken and LSA are investigating the validity of the alleged breaches in conjunction with advisers.
Esken believes that any such acceleration would have significant adverse implications for LSA, the Group and the Exchangeable Bondholders (as further set out in the Circular) as it would be value destructive for all stakeholders, including CGI itself. Esken is disappointed that CGI has chosen to take this action based on purported technical defaults, as Esken had viewed CGI as a long-term partner in the continued development of the airport. Esken and LSA will be engaging with CGI to resolve the present issues.
LSA is an attractive strategic airport asset in the medium term as aviation markets and the airport continues to recover from the unprecedented effects of the COVID-19 pandemic. The board of Esken believes that there is considerable value in the LSA business and continues to support its liquidity needs in line with the recovery plan. As a result, LSA continues to meet its obligations as they fall due.
As previously announced, Esken is making good progress in addressing the maturity and terms of the Exchangeable Bond and towards the sale of its non-core assets. In addition, Esken continues to focus on seeking a new owner for LSA, with a view to crystallising shareholder value through securing the right long-term partner, which recognises the inherent strategic opportunity and is best placed to support future growth. A successful outcome to the sale process would in any event repay the convertible loan instrument ahead of its maturity date.
Enquiries:
Hi all Carlyle will have to simply wait for their money... Looks like Carlyle have money problems NOT Esken L.t.d. .
Esken L.t.d will send their check in the post first class.
Who's going to buy South END Airport ?
Shares are almost zero.
Hi stocky under see work at this level is billions of pounds as it's in possible to price accurately. For example HS2 slightly over budget. Under ground or see is risky. Mark my words .. billions of pounds.
Hi stocky ... I just don't get it.. It's a new company already well over two hundred million of dept . It's going to go bust. In less than ten years.. I believe. Hopefully they will change their minds about borrowing so much money.
It's very risky for any business to borrow two hundred million pounds. Markets are not liking IT at all . How many years will it take to pay it off. Why not go forward with the present order book. It's safer and it's good for investors.
Go the Esken L.t.d