Swissport International (SPI) announced that together with certain other entities of the Swissport group entered into a lock-up agreement for comprehensive restructuring which envisages debt-for-equity swap with approx. EUR 1.9 bn of existing debt converted into equity or extinguished and EUR 500 m in new long-term facility.
Swissport also entered into binding documentation for a EUR 300 m super senior interim facility. This additional financing provides Swissport with liquidity to trade through the Covid-19 pandemic and to facilitate the restructuring process. Under the terms of the lock-up agreement, Swissport will shortly be launching an M&A process to run in parallel with other restructuring steps as customary in such situations. The financial restructuring is expected to be completed in late 2020.