The Gategroup, which is strongly represented in the aviation catering sector, reached an agreement with its shareholders and creditors on a debt rescheduling. The group came under pressure due to the sharp drop in demand due to the corona pandemic.
The major shareholders RRJ Capital and Temasek were able to reach an agreement in principle with the lending banks for refinancing the group. According to the announcement, the Gategroup should be provided with significantly fresh liquidity. The group of companies will receive 500 million Swiss francs.
Of this, 25 million francs will be brought in in the form of equity and the remaining 475 million euros in the form of a subordinated, convertible loan. A further CHF 200 million will be made available by the shareholders in the form of priority secured interim liquidity.
In return, the banks extend the loan terms until October 2026. However, this still depends on the extension of the term of a bond. This would expire in February 2022. The consent of the subscribing investors is required here. It is considered likely that this will be granted, as the annual interest rate will remain stable at three percent.