Airport Services Provider Swissport Agrees Pact to Restructure Debt

Airport ground services and air-cargo handler Swissport International AG has reached a deal on a balance-sheet restructuring that will preserve its business under pressure from the Covid-19 pandemic, The Wall Street Journal reported. The debt-for-equity swap will lighten the debt side of Swissport’s balance sheet as it contends with  the impact of reduced air travel on its revenues. Ownership of the Zurich-based company will pass from China’s HNA Group Co. Ltd. to a group of mostly U.K-. and U.S.-based investment funds once the restructuring is complete. A major provider of cargo handling and ground services such as refueling and aircraft cleaning, Swissport has operations at 300 airports in 47 countries. Its revenues are dependent on air travel and many of its airline customers are cutting costs due to health fears and travel restrictions related to the coronavirus. Read more