By Christian Moess Laursen
Esken Ltd. said Wednesday that it is in the process of selling Esken Renewables and exploring a sale of its aviation business, primarily London Southend Airport in Essex, as it looks to pay down debt and provide liquidity.
In an update ahead of full-year results, the U.K. energy and aviation infrastructure company said there is currently a number of interested parties in the discussions to buy Esken Renewables.
The unit is expected to deliver earnings before interest, taxes, depreciation and amortization of around 19 million pounds ($22.8 million) for the year ended Feb. 628.
Esken Renewables also entered into a new sub supply agreement to support the Chilton Biomass plant, creating an additional GBP900,000 of annual recurring Ebitda from April 1, the company said.
Esken also said it continues to seek buyers for its non-core assets which had a net book value of GBP36 million at Aug. 31.
As of Feb. 28, Esken had unrestricted cash of GBP49 million, and the group’s headroom is tracking in line with management expectations, it said.
Write to Christian Moess Laursen at firstname.lastname@example.org