Airport Firm OTG Weighs Sale, Capital Raise After Missed Payment

Airport concession operator OTG Management LLC is looking at options including a sale or capital raise after missing a debt interest payment, according to people with knowledge of the matter.

• The skipped interest payment was for OTG’s $1.25 billion senior secured debt facility that matures in 2025, according to some of the people
• A representative for OTG declined to comment
• OTG, founded in Philadelphia by Chief Executive Officer Eric Blatstein in 1996, develops and operates restaurants, food halls and retail markets at airports including O’Hare International in Chicago and John F. Kennedy and LaGuardia in New York, according to its ...