Swissport May Seek 90-Days Grace For Debt Restructure

Swissport International AG is considering asking lenders for a three-month forbearance on a loan that breached provisions when its owner pledged shares to back another facility, the company said on Wednesday.

HNA Group Co. pledged an undisclosed quantity of shares in the Swiss company as security on debt incurred by a subsidiary that’s a parent company of Swissport, prior to completion of its acquisition, according to a statement. This amounts to a negative pledge, which is not permitted under terms of Swissport’s credit facility, an outside spokesman for the group said.