Swissport agreed, as part of the lockdown agreement, to cooperate with AHG, the PIK lenders and the HNA to implement a restructuring operation for the Swissport Group, and the agreement includes, among other things: Swissport, a company that provides ground and cargo assistance services from the airport, has “fundamentally” agreed on a comprehensive restructuring. The agreement in principle and the successful conclusion of transactions are subject to final documentation, customary conditions and regulatory approvals. On 21 August, Swissport reached an initial agreement on restructuring. The company has just concluded the agreement with creditors and investors, by delivering a debt for equity swap and a new long-term credit facility of 500 million euros. Please include your name, number and name of agreement. A team member must contact you within 2 business days. The list of applications includes the applicant`s number, the name of the agreement, the title of the agreement, economic activity, the date the application was filed, the approval or difference of the application, and the status of the application. Once an application has been approved or rejected, it will no longer appear in the list below. To find an agreement that has been approved or varied, please go find an agreement. “This agreement is a transforming stone for Swissport. The additional EUR 300 million of intermediate financing and planned restructuring, supported by our secured seniors and other stakeholders, give us confidence that Swissport will succeed through the current market disruptions and will become an even stronger industry leader,” said Eric Born, Group President and CEO of Swissport International AG. “It signals to our customers, employees and all other stakeholders that Swissport remains the partner they can count on.
This agreement is also a support from some of the world`s leading investors for the fundamental strength of our business. THE BOOT, as it is called, requires that all workers be in a better position than the industry price, but employers argue that this is a complex measure that often discourages workers from doing business that benefits both parties. However, the Transport Workers` Union appealed the enterprise agreement because it did not believe it was a fair result for its members. Three Fair Labour Commissioners upheld the appeal this week and found that the rolling tables reviewed by a former Commissioner were not sufficient to ensure that the agreement would be improved overall, as they did not cover all the different types of positions likely to work. Under the terms of the interim facility, Swissport Group is required to make certain changes to the credit contract of 14 August 2019 (the “credit contract”) and to the classification of the 5.25% of senior severity notes maturing in 2024 (the “SSN-Indenture”). On 28 August 2020, the Swissport Group received the necessary approval from CA lenders for certain changes to the credit contract. The changes to the credit contract include, without restriction, the addition of: Eric Born, President and CEO of the Swissport International Group, said: “This agreement is a transformational milestone for Swissport. The additional EUR 300 million of interim financing and planned restructuring, supported by our priority secured creditors and other stakeholders, give us confidence that Swissport will succeed through the current market disruptions and become an even stronger leader in the sector.