Ground-handling firm Swissport is set to be taken over by a group of creditors under a 1.9 billion ($2.3 billion) debt-for-equity swap as part of an extensive financial restructuring.
Once the process is completed, seven institutions a group collectively known as AHG will control more than 75% of Swissports equity, unless a third party is identified which might be interested in acquiring the company.
Swissport is currently owned by Chinas HNA Group but the senior secured creditors taking part in the transaction are primarily US and UK entities.
AHG comprises funds linked to financial institutions SVP Global, Apollo Global Management, TowerBrook Capital Partners, Ares Management, Barclays Bank, Cross Ocean Partners and King Street Capi…
Read the full article at: https://www.flightglobal.com/air-transport/creditors-to-take-over-swissport-under-debt-for-equity-restructuring/139962.article