Esken Ltd - London-based infrastructure, aviation and energy services provider - Agrees to recapitalisation proposal between its subsidiary, London Southend Airport Co Ltd, and Carlyle Global Infrastructure Fund and Cyrus Capital Partners, just a day after announcing an extension of the deadline for acceding. Esken also agrees to a restructuring plan for GBP53.1 million debt with Cyrus, its main bond holder. As a result of the two agreements, which will turn debt into equity, Esken's stake in London Southend Airport will fall to 17.5%, while Carlyle will have 82.5%, and Esken will be delisted from the London Stock Exchange as part of an orderly wind down of the company. Esken warns that any return to shareholders at the end of this process is likely to be "negligible".

Current stock price: 0.060 pence, down 60% on Wednesday in London

12-month change: down 99% from 5.80p

By Tom Waite, Alliance News editor

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