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No more Chinese majority in airport service provider Swissport: After a restructuring is completed, seven donors will own 75 percent of Swissair’s former subsidiary. A so-called “department-for-shares swap” is planned in which liabilities are exchanged for company shares, Swissport announced Monday.
The donors are private equity companies and Barclays Bank. As previously announced, these are providing Swissport with a € 300 million cash injection.
Sick Chinese lose the majority
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. (SDA)
