Airlines, Airports & Routes Topics about airports, routes and airline business.

Southend-3

Old 23rd Jan 2024, 14:00
  #1261 (permalink)  
 
Join Date: Sep 2008
Location: Blighty
Posts: 5,675
Likes: 0
Received 22 Likes on 17 Posts
Alsie Express every year does a few long weekend (3 or 4 days) one-off trips on an ATR 72 to various places from Sønderborg. It's a somewhat remote region of Denmark that is poorly linked to places outside Denmark. These long weekend trips tend to be quite imaginative - eg flying to Dijon and being taken round various Burgundy vineyards by the guy who owns the main wine shop in Sønderborg. Alsie Express' most recent long weekend to the UK was in November 2019 to Liverpool on the weekend that Liverpool hosted Manchester City who were at the time the top two teams in the Premier League. These trips usually (eventually) appear on the Alsie Express website as flight only if the travel agency is struggling to sell all the seats.

Sønderborg is a nice place to live, but of limited inbound tourist interest unless you have a strong Danish cultural background - I think they will struggle to sell many seats to UK originating pax, especially when Billund has multiple flights to London every day

https://londonsouthendairport.com/news/tour-operator-to-launch-holidays-from-london-southend-for-summer-24/

Small airline, small airport... but good

Last edited by davidjohnson6; 23rd Jan 2024 at 14:50.
davidjohnson6 is offline  
Old 23rd Jan 2024, 16:22
  #1262 (permalink)  
 
Join Date: Jul 2006
Location: UK
Age: 75
Posts: 2,694
Received 0 Likes on 0 Posts
Originally Posted by jmdavies86
Further update on the legal action being taken by Carlyle Global Investment:
https://tools.eurolandir.com/tools/P...wpf&v=redesign
Reuters this morning published this quote from Carlyle Global Infrastructure Fund (CGI):
"We have made numerous proposals to Esken and the airport to secure the airport's long-term future, and look forward to stable ownership of the airport by an experienced and financially strong entity."
Seems pretty clear to me.
Expressflight is online now  
Old 24th Jan 2024, 08:23
  #1263 (permalink)  
 
Join Date: Oct 2018
Location: Ferrara
Posts: 8,361
Received 355 Likes on 206 Posts
thats why they're suing them for every penny - the Times reckons they want £ 193 million by February 16th or its curtains
Asturias56 is offline  
Old 24th Jan 2024, 15:21
  #1264 (permalink)  
 
Join Date: Jul 2006
Location: UK
Age: 75
Posts: 2,694
Received 0 Likes on 0 Posts
Originally Posted by Expressflight
Reuters this morning published this quote from Carlyle Global Infrastructure Fund (CGI):
"We have made numerous proposals to Esken and the airport to secure the airport's long-term future, and look forward to stable ownership of the airport by an experienced and financially strong entity."
Seems pretty clear to me.
Additional statement from Carlyle report in Evening Echo:

"Esken is financially distressed and not in a position to support the airport's full recovery and growth nor execute an orderly sale of the airport. As an experienced investor in, and operator of, airports around the world, Carlyle believes in, and is committed to, the future of Southend Airport and understands its importance to airlines, passengers, employees and the local community."
Expressflight is online now  
Old 24th Jan 2024, 16:00
  #1265 (permalink)  
 
Join Date: Sep 2007
Location: Essex
Posts: 1,108
Likes: 0
Received 0 Likes on 0 Posts
Well that sounds good from Carlyle, but the proof will be in the pudding.

Certainly Stobart/Esken have made several mistakes in their time in management of SEN - making GA and aviation maintenance and support companies unwelcome, forcing JOTA away, refusing to allow BA to use their own ground handling staff and thus losing the weekend flights on offer among others - but they did invest a good deal in the airport and had several notable successes.
Barling Magna is offline  
Old 24th Jan 2024, 16:10
  #1266 (permalink)  
Thread Starter
 
Join Date: Jul 2002
Location: In the sticks
Posts: 9,842
Likes: 0
Received 0 Likes on 0 Posts
A google of the company reveals they provide the money for airport infrastructure projects but don’t run airports, unless I haven’t dug deep enough.
LTNman is offline  
Old 24th Jan 2024, 16:18
  #1267 (permalink)  
 
Join Date: Apr 2003
Location: Northumberland
Posts: 8,512
Received 77 Likes on 53 Posts
Originally Posted by Barling Magna
Well that sounds good from Carlyle, but the proof will be in the pudding.

Certainly Stobart/Esken have made several mistakes in their time in management of SEN - making GA and aviation maintenance and support companies unwelcome, forcing JOTA away, refusing to allow BA to use their own ground handling staff and thus losing the weekend flights on offer among others - but they did invest a good deal in the airport and had several notable successes.
Even a broken clock is right twice a day. I'd love to see a detailed report of their decline, but from the outside they seem to have sold the family silver and put the money on the wrong horse.
SWBKCB is online now  
Old 24th Jan 2024, 16:52
  #1268 (permalink)  
 
Join Date: Jul 2006
Location: UK
Age: 75
Posts: 2,694
Received 0 Likes on 0 Posts
Originally Posted by LTNman
A google of the company reveals they provide the money for airport infrastructure projects but don’t run airports, unless I haven’t dug deep enough.
I'm sure Carlyle would not have used the words "As an experienced investor in, and operator of, airports around the world...." if that was untrue aren't you?

I think any acquisition of London Southend Airport would be via their Carlyle Airports Group division. I assume they would rely on the airport's local management to "run" the airport in the same way that other infrastructure investment companies such a Global Infrastructure Partners do.
Expressflight is online now  
Old 24th Jan 2024, 17:38
  #1269 (permalink)  
 
Join Date: Jan 2005
Location: Not so many places currently
Age: 60
Posts: 3,776
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by LTNman
A google of the company reveals they provide the money for airport infrastructure projects but don’t run airports, unless I haven’t dug deep enough.
I agree, do Carlyle actually run airports?
I think this is an exercise to get their money back. If the loan repayment defaults can they then sell on or get someone else to do the day to day operations?
pabely is offline  
Old 24th Jan 2024, 17:50
  #1270 (permalink)  
 
Join Date: Jul 2006
Location: UK
Age: 75
Posts: 2,694
Received 0 Likes on 0 Posts
Originally Posted by pabely
I agree, do Carlyle actually run airports?
I think this is an exercise to get their money back. If the loan repayment defaults can they then sell on or get someone else to do the day to day operations?
Why then do they say they are an "operator of airports around the world"? Any airport management team obviously carries out the 'day to day operations' implementing the owner's policies.

Apparently there was a substantial item on ITV London News at 18:10 today suggesting that Carlyle will soon own LSA. Missed it myself.
Expressflight is online now  
Old 24th Jan 2024, 18:17
  #1271 (permalink)  
Thread Starter
 
Join Date: Jul 2002
Location: In the sticks
Posts: 9,842
Likes: 0
Received 0 Likes on 0 Posts
I can't find any evidence that they run a single airport in the world but they have financial stakes in many.
LTNman is offline  
Old 24th Jan 2024, 21:17
  #1272 (permalink)  
 
Join Date: Jul 2003
Location: On the road
Posts: 912
Likes: 0
Received 0 Likes on 0 Posts
They also have Board experience of running airports which could help in at least seeing if an airport is worth investing in....
TartinTon is online now  
Old 24th Jan 2024, 21:30
  #1273 (permalink)  
 
Join Date: Apr 2003
Location: Northumberland
Posts: 8,512
Received 77 Likes on 53 Posts
So which airports are they involved in?

Anybody else hoping they buy Carlisle?!
SWBKCB is online now  
Old 25th Jan 2024, 04:42
  #1274 (permalink)  
 
Join Date: Feb 2019
Location: Godalming
Posts: 181
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by SWBKCB
Anybody else hoping they buy Carlisle?!
There's a chance that CAX may well be sold: https://businesscrack.co.uk/2024/01/...trict-airport/

I've heard rumours of who might be interested (see CAX thread for that...!), however​​​ it could just be an act of desperation/last chance saloon move by Esken to try and get whatever they possibly can for shareholders before Carlyle swoop in on SEN...?!
jmdavies86 is offline  
Old 25th Jan 2024, 05:11
  #1275 (permalink)  
Thread Starter
 
Join Date: Jul 2002
Location: In the sticks
Posts: 9,842
Likes: 0
Received 0 Likes on 0 Posts
Still can’t find a single airport that they run but I did find this
https://carlyle.aero

They are hard nosed money lenders who have loaned money to Southend’s owners and now they want their money back.

Carlyle Aviation Partners (Carlyle Aviation) has recently closed a $280 million pre-delivery payment (PDP) financing facility for Wizz Air. The PDP facility will partially finance Wizz Air’s PDP payment obligations in respect of several A321neo aircraft scheduled to deliver during 2023 and 2024
​​​​​​​
LTNman is offline  
Old 25th Jan 2024, 06:57
  #1276 (permalink)  
 
Join Date: Apr 2003
Location: Northumberland
Posts: 8,512
Received 77 Likes on 53 Posts
Originally Posted by jmdavies86
There's a chance that CAX may well be sold: https://businesscrack.co.uk/2024/01/...trict-airport/

I've heard rumours of who might be interested (see CAX thread for that...!), however​​​ it could just be an act of desperation/last chance saloon move by Esken to try and get whatever they possibly can for shareholders before Carlyle swoop in on SEN...?!
I just want Carlyle to buy Carlisle! Anything they get from Carlisle, Esken will just find a way of losing.
SWBKCB is online now  
Old 5th Feb 2024, 09:49
  #1277 (permalink)  
 
Join Date: Feb 2019
Location: Godalming
Posts: 181
Likes: 0
Received 0 Likes on 0 Posts
Not sure that this says anything new really, but Esken have released a further RNS statement this morning regarding the legal action that CGI are apparently taking against London-Southend Airport (LSA):

LSA has concluded that there is no default or event of default which gives CGI a current right to accelerate the loan, make demand or take enforcement action pursuant to the convertible loan agreement. LSA has therefore disputed CGI's claimed acceleration and demand for early repayment. Esken fully supports LSA's position. As previously noted there have been no payment defaults by LSA in relation to the convertible loan agreement and LSA cashflow has been in line with expectations.

The uncertainty of the outcome of the above has led to progress on (i) the disposal of non-core assets; (ii) the potential £20 million funding facility from certain of Esken's larger Shareholders into Esken Aviation and (iii) the amendment and extension of the exchangeable bond, all as referred to in previous announcements, being disrupted significantly, with these transactions proceeding more slowly than anticipated and the terms for which may now be different than those which the Company was previously hoping to achieve.


Source: https://tools.eurolandir.com/tools/P...wpf&v=redesign
jmdavies86 is offline  
Old 5th Feb 2024, 11:16
  #1278 (permalink)  
 
Join Date: Jul 2006
Location: UK
Age: 75
Posts: 2,694
Received 0 Likes on 0 Posts
One thing that is new in the statement (that you didn't include in your post) is that Esken say:

"Esken will be submitting a proposal to CGI with a view to reaching a negotiated settlement of the claims and thus a lifting of the claimed acceleration and demand for early repayment."

I would have thought CGI held all the cards so, seeing as they say they have already made proposals to Esken which would resolve the situation, just what can Esken now propose that might be persuasive to CGI?
Expressflight is online now  
Old 11th Feb 2024, 11:03
  #1279 (permalink)  
Thread Starter
 
Join Date: Jul 2002
Location: In the sticks
Posts: 9,842
Likes: 0
Received 0 Likes on 0 Posts
https://www.ft.com/content/aa179561-...8-edd2cf1c57d5

How a US buyout giant’s bet on an empty London airport turned sour
​​​​​​​
LTNman is offline  
Old 11th Feb 2024, 12:33
  #1280 (permalink)  
 
Join Date: Apr 2003
Location: Northumberland
Posts: 8,512
Received 77 Likes on 53 Posts
There seems to be an issue with my FT subscription - can somebody give a precis?
SWBKCB is online now  

Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.