SVP, Apollo to Take Over Swissport From HNA in Debt Deal (1)

A group of creditors led by SVP Global and Apollo Global Management will take over airport baggage handler Swissport International AG from Chinese owner HNA Group in a deal that will cut 1.9 billion euros ($2.3 billion) of its debt, 500 million euros of which will be written off.

Investment funds controlling more than three quarters of Swissport’s senior secured debt, also including TowerBrook Capital Partners, Ares Management, Barclays Bank, Cross Ocean Partners and King Street Capital Management, will convert their holdings into shares, the company said in a statement. Creditors will also replace ...