FP: Apollo leads distressed investment in Swissport as restructuring looms - sources

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The Financial Post reports:

LONDON/FRANKFURT — A trio of distressed investors led by Apollo Global Management have bought debt of airport baggage handler Swissport and are holding talks with the company as it seeks cash to ride out the COVID-19 crisis, two sources familiar with the matter told Reuters.

Apollo along with SVP Global and Cross Ocean Partners now own a majority of Swissport’s senior secured bonds, term loans and revolving credit facilities, the sources said.

Swissport is seeking somewhere between 500 and 700 million euros ($542-$759 million) in rescue funds this year, one of the sources said, speaking on condition of anonymity as the matter is confidential.

The company is not eligible for Swiss state aid to the aviation sector because its majority ownership by China’s HNA Group does not yet permit financial support under the conditions laid down last week.

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