Gategroup reaches agreement on debt rescheduling

Gategourmet at Zurich-Kloten Airport (Photo: Guido1971).
Gategourmet at Zurich-Kloten Airport (Photo: Guido1971).

Gategroup reaches agreement on debt rescheduling

Gategourmet at Zurich-Kloten Airport (Photo: Guido1971).
Advertising

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.

Leave a Comment

Your e-mail address will not be published.

This website uses Akismet to reduce spam. Learn more about how your comment data is processed.

Editor of this article:

Jan Gruber is Senior Editor at Aviation.Direct. Before that, he had held the same position at AviationNetOnline (formerly Austrian Aviation Net) since 2012. He specializes in low-cost carriers, regional aviation in the DA-CH region and in-depth research.

Nobody likes paywalls
- not even Aviation.Direct!

Information should be free for everyone, but good journalism costs a lot of money.

If you enjoyed this article, you can check Aviation.Direct voluntary for a cup of coffee Coffee trail (for them it's free to use).

In doing so, you support the journalistic work of our independent specialist portal for aviation, travel and tourism with a focus on the DA-CH region voluntarily without a paywall requirement.

If you did not like the article, we look forward to your constructive criticism and / or your suggestions for improvement, either directly to the editor or to the team at with this link or alternatively via the comments.

Your
Aviation.Direct team
paywalls
nobody likes!

About the editor

Jan Gruber is Senior Editor at Aviation.Direct. Before that, he had held the same position at AviationNetOnline (formerly Austrian Aviation Net) since 2012. He specializes in low-cost carriers, regional aviation in the DA-CH region and in-depth research.

Nobody likes paywalls
- not even Aviation.Direct!

Information should be free for everyone, but good journalism costs a lot of money.

If you enjoyed this article, you can check Aviation.Direct voluntary for a cup of coffee Coffee trail (for them it's free to use).

In doing so, you support the journalistic work of our independent specialist portal for aviation, travel and tourism with a focus on the DA-CH region voluntarily without a paywall requirement.

If you did not like the article, we look forward to your constructive criticism and / or your suggestions for improvement, either directly to the editor or to the team at with this link or alternatively via the comments.

Your
Aviation.Direct team
paywalls
nobody likes!

Leave a Comment

Your e-mail address will not be published.

This website uses Akismet to reduce spam. Learn more about how your comment data is processed.

Advertising