Meetings Of Gategroup's Bondholders And Senior Lenders Approve Financial Restructuring Plan
Meetings of Swiss airline caterer Gategroup Holding's bondholders and senior lenders have approved a financial restructuring plan, the company has said.
The deal agreed in November provides 500 million Swiss francs ($538 million) in new funding from Singapore state fund Temasek and Asian investment firm RRJ, including 25 million francs in equity and a 475 million-franc subordinated, convertible loan.
Another 200 million francs are coming from a senior secured interim liquidity facility extended by the shareholders.
English Court Hearing
The plan now goes to an English court at a hearing scheduled for March 26. Should the court approve, the plan is set to take effect by the end of March of 2021 and the transaction will complete in April, it said.