Aviation
We advised Swissport, the world’s leading provider of airport ground services and air cargo handling, on its comprehensive restructuring and recapitalization. Our cross-practice deal team advised on a transaction that reset the group’s balance sheet and brought in significant additional investment. Swissport’s financial restructuring was effective from December 21, 2020 and, as part of a debt-for-equity swap, ownership of the group was transferred to a group of global financial investors.
The debt-for-equity swap was facilitated by an English law scheme of arrangement and a pre-packaged sale of the Swissport business out of an English administration. This followed Swissport’s initial scheme of arrangement earlier in the year that enabled the borrowing for a €300 million super-senior interim facility. Each of the schemes was supported by a chapter 15 recognition order from the US Bankruptcy Court.
The restructuring provided Swissport with a delevered and strengthened balance sheet by addressing approximately €1.9 billion of existing debt, and left the business with improved liquidity with which to withstand the ongoing challenges posed by the coronavirus pandemic. Swissport employed approximately 65,000 people pre-crisis and is active at 298 airports in 47 countries on six continents.View the press release here.
