Swissport has new owners

Airport service provider Swissport is restructuring its balance sheet and finding new owners. Once the restructuring is complete, seven donors will own 75 percent of the former Swissair subsidiary.

A “department-for-shares swap” is planned, in which liabilities are exchanged for company shares, Swissport announced Monday.

The donors are six private equity companies and Barclays Bank. As previously announced, these are providing Swissport with a € 300 million cash injection.

Debt reduction and financing of long-term loans of 500 million euros are also planned. The transaction should be completed by the end of 2020.

The financially troubled Chinese HNA at Swissport is not involved in the transaction. You will lose your majority stake in the company as part of the deal.

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