The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Swissport International AG, the airport ground services firm owned by beleaguered Chinese conglomerate HNA Group Co, hired advisers to review its debt as passenger air traffic grinds to a halt because of coronavirus restrictions.
The company appointed boutique financial services firm Houlihan Lokey and lawyers White & Case LLP to help the firm “strengthen its financial position,†it said on Friday.
Bloomberg News reported Swissport hired Houlihan as it considers a restructuring of its $1.7 billion of debt. “Swissport is engaging with governments and financial institutions to seek support in these unprecedented times,†it said.
The company will lay off 40,000 employees by the end of the month, more than half of its workforce, it said.