EUR 300 million more liquidity for Swissport
A group of senior secured creditors has committed to provide EUR 300 million of interim liquidity to support operations while the restructuring process is being completed. The agreement "in principle" on a comprehensive restructuring includes significant deleveraging and a new EUR 500 million long term debt facility, which will replace the interim facility.
The transaction, which is expected to be completed in late 2020, aims to position Swissport as a strong global partner for airlines and airports alike – both in the passenger services business and in air cargo handling.
Swissport's revenue for the three months to 30 June 2020 was EUR 235.5 million, 70% down on prior year. Cargo volumes were down 24%, with an uptick in volumes since end of June with volumes in the first half of August up to -19%. (ah)