The sum is on top of the €200m liquidity that Swissport still had as of August 18.
In addition, an agreement in principle has been reached for a comprehensive restructuring and refinancing of Swissport, involving senior secured creditors, led by the AHG, lenders under Swissport’s PIK facility agreement and the HNA Group, Swissport’s current shareholder. The comprehensive restructuring will significantly deleverage the balance sheet and provide €500m in new long-term debt financing, which will eventually replace the €300m interim facility. Detailed terms of the comprehensive restructuring will be released in due course, once documentation has been finalised.
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 look to take advantage of growth opportunities post COVID-19.
