Gatwick Airport Asks for Relief on $4.5 Billion Debt
- Almost half its debt holders support move, Gatwick says
- Plans to cut up to a quarter of staff unveiled on Wednesday
The departure lounge at London Gatwick Airport in Crawley, U.K.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
London’s Gatwick airport asked creditors to change the terms on its 3.4 billion-pound ($4.5 billion) debt pile to allow the transport hub to recover from a slump in air travel.
The U.K.’s second-largest airport wants investors in its debt, including those holding 2.8 billion pounds of its bonds, to waive covenants and change certain conditions in the financing documents. Gatwick forecasts passenger traffic will drop as much as 70% this year compared with 2019 levels, the company said in a statement on Friday.