Nonprofit corporate renewal and restructuring service organization Turnaround Management Association (TMA) has named a transaction on which global law firm White & Case LLP advised—the restructuring of aviation services company Swissport International Ltd. and its affiliates—one of two recipients of the “International Company Turnaround/Transaction” of the year award at its 2021 Turnaround/Transaction of the Year Awards.
In the winning transaction, White & Case advised Swissport, the world's leading provider of airport ground services and air cargo handling, on its restructuring and recapitalization. The new liquidity facility and debt-for-equity swap transactions were facilitated by two English law schemes of arrangement, a pre-packaged sale of the Swissport business out of an English administration, and two U.S. Bankruptcy Court Chapter 15 recognition orders. The restructuring provided Swissport with a delevered and strengthened balance sheet by addressing approximately €1.9 billion of existing debt, preserved over 45,000 jobs and provided the business with improved liquidity with which to withstand the ongoing challenges posed by the coronavirus pandemic.
"The COVID-19 pandemic and the ensuing global economic shut-downs threatened the ability of Swissport to continue as a going concern," said White & Case partner Thomas Lauria (New York), Global Head of the Global Financial Restructuring and Insolvency Practice, who led the White & Case deal team. “To assist the company in formulating and implementing a plan to face and resolve this challenge, we brought to bear a team that provided both cross-disciplinary and multi-jurisdictional expertise. In less than ten months' time, we helped Swissport achieve a transformative restructuring that reset the company's balance sheet, brought in needed additional capital and positioned the business for future success. This effort and the outstanding result achieved for our client, as recognized by the award from the TMA, showcases the global strength and capability of White & Case’s cross-border restructuring team."
According to TMA, the Turnaround/Transaction of the Year Awards are chosen based on a rigorous peer-review process by the volunteer TMA Awards Committee. Judges review all components of each entry, looking for well-defined, measurable outcomes.