New RNS issued this morning - deal with CGI & Cyrus agreed.
As a result, the Company has agreed to accede to that recapitalisation proposal in relation to LSA. This will therefore proceed on a consensual basis, rather than through a contested court process, which could be potentially destructive for all stakeholders. The terms of the recapitalisation proposal for LSA involves a conversion of the convertible loan of £193.75 million due to CGI into an 82.5% stake in LSA and a similar conversion of the £24.3 million debt due by LSA to Esken Aviation Limited ("EAL"), a wholly owned subsidiary of the Company, into a 17.5% stake. Funding of the proposal agreed with the board of LSA includes an initial £5 million of short-term unsecured bridge funding to the airport through to the conclusion of the process as part of a commitment of £32 million of new funding to secure the future growth of the airport.
Source:
https://tools.eurolandir.com/tools/P...wpf&v=redesign