The failure to sell Stobart Air has left Esken with a cash hole £86m deep that needs to be filled. In addition to this, the existing lenders are not prepared to advance more of the previously agreed facility as there is no visibility on a decent repayment proposal. Hence the need to raise funds elsewhere, and the penalty is to give away a third of the business in return for the loan. Not a good day for Esken shareholders who are seeing their holdings diluted in favour of a funder.