Deals & Cases

09/04/2020

On August 31, 2020, Swissport International AG (SPI) announced that SPI together with certain other entities of the Swissport group (Swissport) entered into a lock-up agreement for comprehensive restructuring which envisages debt-for-equity swap with approx. EUR 1.9 bn of existing debt converted into equity or extinguished and EUR 500 m in new long-term facility. Swissport also entered into binding documentation for a EUR 300 m super senior interim facility. This additional financing provides Swissport with liquidity to trade through the COVID-19 pandemic and to facilitate the restructuring process. Under the terms of the lock-up agreement, Swissport will shortly be launching an M&A process to run in parallel with other restructuring steps as customary in such situations. The financial restructuring is expected to be completed in late 2020.


Swissport is world's leader in airport ground services and air cargo handling, with 64,000 employees, achieved consolidated operating revenue of EUR 3.13 bn in 2019. At the end of December 2019, Swissport was active at 300 airports in 47 countries on six continents.


Homburger advises SPI in connection with the restructuring as to Swiss law. The Homburger team is led by partners Claude Lambert (Corporate | M&A) and Stefan Kramer (Banking and Finance; Restructuring | Insolvency) and includes senior counsels Ueli Huber (Restructuring | Insolvency) and Georg Naegeli (Litigation; Restructuring | Insolvency), associates Marco Rostetter, Daniel Kuhn, Aron Waltuch and Nina Hagmann (all Corporate | M&A; Restructuring | Insolvency), Miguel Sogo (Litigation; Restructuring | Insolvency) and Simon Bachmann (Litigation) as well as junior associates Lars Göldi (Banking and Finance) and Vincent Croisier (Corporate | M&A).