Airport Co. Swissport Opens Ch. 15 In Del. To Track UK Case
Law360 (November 18, 2020, 1:34 PM EST) -- Global airport services provider Swissport Fuelling Ltd. opened a Chapter 15 "foreign main" bankruptcy case in Delaware late Tuesday to keep its U.S. operations in line during a €1.9 billion debt-for-equity swap and corporate restructuring in a U.K. proceeding.
Donald William Christopher Mallon, foreign representative for Swissport, said the restructuring "scheme of arrangement" under the U.K.'s Companies Act will significantly delever the business' balance sheet, in part by way of a €500 million term loan, easing financial pressures brought on by the COVID-19 pandemic.
The plan will also largely shift control of the business to senior creditors from China's HNA Group,...
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