Coronavirus Latest News

China’s embattled HNA cedes control of baggage handler Swissport to senior creditors in €1.9 billion debt-for-equity swap

Swissport is under new ownership after struggling Chinese conglomerate HNA Group reached an agreement with creditors over a debt-for-equity swap and an injection of additional cash that will help ensure the survival of the airport cargo handling company during the Covid-19 pandemic.The stakeholders have agreed about €1.9 billion (US$2.3 billion) of existing debt will be converted into equity or extinguished, Swissport said in a statement on Monday. The Switzerland-based company has also…

Read the original article at South China Morning Post

Related Articles

Back to top button