Esken, formerly known as Stobart Group, said it may contest a recapitalisation deal proposed by the airport’s board.

Under the plan, investor Carlyle Global Infrastructure Fund, which lent the airport £125 million during the pandemic and Cyrus Capital Partners, former owner of Flybe, will apply to the courts for a restructuring deal. 

Esken has until 4 March to consider the plan. It said: “Esken understands that the terms of the proposed recapitalisation proposal, whether implemented via a restructuring plan or consensually, would among other things result in Esken Aviation’s shareholding in being significantly reduced to a minority interest."

The statement continued: “Funding of the proposal agreed with the board of London Southend airport (LSA) includes support from both CGI and Cyrus to secure the future of the airport.

“Esken is considering whether the terms of LSA’s recapitalisation proposal are acceptable or whether it will contest LSA’s restructuring plan through the courts.”

It added: “There can be no certainty that any of these discussions will lead to a consensual agreement, but Esken believes that a consensual outcome would be in the interests of all parties and will take all reasonable steps to facilitate such an outcome.”