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Swissport extends remedies standstill regarding affiliate loan to HNA Group
Swissport extends the temporary remedies standstill regarding the collection of the unpaid balance of its Affiliate Loan to HNA Group while HNA concludes its assessment of strategic options for Swissport. The remedies standstill was originally agreed in May 2018.
Following the receipt of USD 100 million (approximately EUR 83 million) from HNA Group in May 2018, in partial satisfaction of HNA Group's obligations under its outstanding affiliate loan owing to Swissport in the aggregate original principal amount of approximately EUR 360 million, Swissport had agreed to forbear for a period of five months from exercising remedies to collect the remaining unpaid balance in the amount of approximately EUR 286 million. This agreement will be extended while HNA concludes its review and assessment of strategic options for Swissport. Swissport will continue to earn a market interest rate on the residual amount of the affiliate loan.
Swissport continues its trajectory of profitable growth. Reported revenue for the first half of 2018 increased to EUR 1.43 billion (up 4.1% on 2017). Trending continued to be favorable for the July to September period. In the Cargo Services business, half-year revenue amounted to EUR 0.26 billion (up 7.3%). Swissport‘s Ground Handling business recorded EUR 1.17 billion of revenue for the first half of 2018 (up 3.4%). Group EBITDA increased to EUR 116.3 million (up 35.5%).