Aviation Services Company agrees in principle on comprehensive restructuring
A group of senior secured creditors has committed to provide € 300mn of interim liquidity to support the operations of Zurich-headquartered Swissport through the completion of the restructuring.
The agreement ‘in principle’ on a comprehensive restructuring includes significant deleveraging and a new € 500mn long term debt facility, which will replace the interim facility.
The restructuring will position Swissport as a strong global partner for airlines and airports alike, both in the passenger services business and in air cargo handling. With improved liquidity and low debt levels going forward, Swissport will be able to take advantage of growth opportunities post pandemic.
“The additional interim financing and the planned restructuring supported by our senior secured creditors and other stakeholders gives us the certainty that Swissport will trade successfully through the current market disruptions and emerge as an even stronger industry leader,” remarked Eric Born, Group President & CEO, Swissport.
