May 9, 2018 / 5:55 AM / 9 months ago

Swissport gets $100 mln partial loan payment from HNA

ZURICH, May 9 (Reuters) - Swiss ground services and cargo handling unit Swissport has received a $100 million partial loan repayment from parent HNA Group, it said, adding that it has agreed to postpone collecting the balance for five months.

The payment reduced to around 286 million euros ($338.8 million) the balance on the roughly 360 million euro loan that had been due for repayment in full on May 7, Swissport said in a statement on its website on Tuesday.

"In connection with the $100 million repayment, Swissport agreed to forbear from exercising remedies to collect the remaining unpaid balance under the affiliate loan for a period of five months. Swissport has received a forbearance fee of 150,000 euros, included in the $100 million payment," it said.

Swissport continues to earn a market interest rate on the residual amount, it added.

HNA has been unloading billions of dollars of assets after a $50 billion acquisition spree over two years turned a spotlight on its opaque ownership and aggressive use of leverage. The firm has since seen some pending deals collapse.

($1 = 0.8442 euros)

Reporting by Michael Shields; Editing by Vyas Mohan

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