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Esken (Stobart) notifies trustee of default on exchangeable bonds
Chicago, March 18 – Esken Ltd. notified the trustee on its £53.08 million of exchangeable bonds due on May 8 that one or more events of default have occurred, according to a press release.
The default relates to certain aspects of a recapitalization support agreement. The company is working on a recapitalization proposal in relation to Londo Southend Airport.
Notification to the trustee does not automatically accelerate the maturity date.
The bonds were issued when the company was called Stobart Group Ltd.
A further update will be provided when the process and timings have been settled.
The issuer is a U.K.-based infrastructure and support services company.
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