US private equity giant Carlyle Group is set to take control of London Southend Airport as part of a restructuring deal.
Carlyle and the airport’s owner Esken – formerly known as Stobart Group – have been locked in a dispute over a £125m loan Carlyle made on the property three years ago.
Now Esken is set to lose ownership through a debt-for-equity swap in which Carlyle will become the majority owner with hedge fund Cyrus Capital Partners taking a minority stake.
The deal includes a £32m cash injection into the airport.
