Swissport Completes U.K. Scheme of Arrangement to Cut Debt

Co. completes a U.K. scheme of arrangement on Tuesday to restructure its debt, backed by 99.99% of creditors present and voting at the scheme meeting, according to an emailed statement.

• Scheme was recognized as ‘foreign main proceeding’ in Chapter 15 in Delaware
• Completion of the restructuring is now targeted for 21 December 2020
• NOTE: Aug. 31: SVP, Apollo to Take Over Swissport From HNA in Debt Deal
  • As part of the restructuring, Swissport will undertake a debt-for-equity swap resulting in a reduction of EU1.9b of debt and ownership transferred to the senior secured creditors including Strategic Value Partners, Apollo, Towerbrook, ...