Swissport has started providing short-term loans to companies linked to the HNA Group, raising concerns among investors about the intermingling of the Swiss airline services company’s funds with its Chinese parent.
HNA acquired Swissport at the start of 2016, financing the deal with junk bonds and leverage loans, during the height of the Chinese conglomerate’s international buying spree.
In a financial statement to its bondholders published this month, Swissport disclosed that it lent $100m to a “related party” on June 28 that was repaid nine days later. Then on August 29, the company’s board approved a new €400m, 90-day loan to a related party.
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