18 Mar 2024 16:35
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.
18 March 2024
ESKEN LIMITED("Esken" or the "Company")
Update on Exchangeable Bonds
Esken, the aviation group, announces that, following a detailed review with advisers of the interaction between the terms of exchangeable bonds of £53.1 million issued by Esken Finance plc (the "Exchangeable Bonds") and recent events relating to the group, including the Recapitalisation Support Agreement acceded to by the Company and other members of the group (as announced on 6 March), it has today notified the trustee of the Exchangeable Bonds that, including as a result of certain aspects of the Recapitalisation Support Agreement, one or more events of default have occurred under the terms of the Exchangeable Bonds.
The Exchangeable Bonds are due to mature on 8 May 2024 and the notification to the trustee does not automatically accelerate that maturity date.
Notification of default to the trustee has no impact on the recapitalisation proposal being implemented in relation to London Southend Airport.
The Company continues to work with its advisers and holders of a significant majority of the Exchangeable Bond on implementation of the recapitalisation proposal, as announced on 6 March. A further update will be provided when the process and timings have been settled.
Enquiries:
Esken Limited C/o Teneo
Teneo
Olivia Peters
+44 7902 771008
esken@teneo.com