Lenders to Baggage-handler Swissport Offer Rescue Deal

Lenders to the world’s biggest airport baggage-handling group Swissport have offered a rescue package that would restructure its €2.1 billion of net debt and could transfer ownership to them from struggling Chinese conglomerate HNA Group, The Irish Times  reported. The owners of €1.4 billion of senior secured bonds issued by Swissport have promised to invest in the business to help it survive the pandemic, which has hit its operations hard with the grounding of flights. Swissport is the world’s largest provider of airport ground services and air cargo handling, with operations at 300 airports in 47 countries. It employs more than 800 staff in Ireland The group needs funding of between €450 million and €570 million over the next 14 to 18 months, according to Reorg Research. Read more