Swissport has agreed to a comprehensive restructuring with creditors and shareholders including a debt-for-equity swap and a new €500 million long-term debt facility.
Following the announcement on 21 August 2020 of an agreement ‘in principle’, Swissport has now entered into binding agreements on a comprehensive restructuring and refinancing (the “Lock-Up Agreement”) and on a €300 million super senior interim debt facility (“Interim Facility”).
Eric Born, group president & CEO of Swissport International AG, commente: “The restructuring, and the robust financial platform it brings, will enable us to confidently trade through the market recovery and positions Swissport as the first choice partner for airlines around the globe.”
“Swissport is one of the first companies globally to agree to a restructuring following the outbreak of the COVID-19 pandemic. With much lower debt and €500 million additional cash injected, we will be well positioned going forward to invest into the business and accelerate growth. We expect to see increased outsourcing of ground handling services by airlines and being able to take volumes from some financially weaker competitors,” added Peter Waller, CFO of Swissport International AG.