Southend-3
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
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.
Further update on the legal action being taken by Carlyle Global Investment:
https://tools.eurolandir.com/tools/P...wpf&v=redesign
https://tools.eurolandir.com/tools/P...wpf&v=redesign
"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.
thats why they're suing them for every penny - the Times reckons they want £ 193 million by February 16th or its curtains
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.
"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.
"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."
Join Date: Sep 2007
Location: Essex
Posts: 1,109
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.
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.
Thread Starter
Join Date: Jul 2002
Location: In the sticks
Posts: 9,850
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.
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.
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.
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.
Join Date: Jan 2005
Location: Not so many places currently
Age: 60
Posts: 3,793
Likes: 0
Received 0 Likes
on
0 Posts
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?
Apparently there was a substantial item on ITV London News at 18:10 today suggesting that Carlyle will soon own LSA. Missed it myself.
Join Date: Feb 2019
Location: Godalming
Posts: 182
Likes: 0
Received 0 Likes
on
0 Posts
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'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...?!
Thread Starter
Join Date: Jul 2002
Location: In the sticks
Posts: 9,850
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.
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
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'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...?!
Anything they get from Carlisle, Esken will just find a way of losing.
Join Date: Feb 2019
Location: Godalming
Posts: 182
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):
Source: https://tools.eurolandir.com/tools/P...wpf&v=redesign
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.
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
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?
"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?
Thread Starter
Join Date: Jul 2002
Location: In the sticks
Posts: 9,850
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