Baker McKenzie advised UBS Switzerland AG and Credit Suisse (Switzerland) Ltd. as mandated lead arrangers and coordinators, UBS Switzerland AG as agent and security agent, as well as a syndicate of banks in a CHF 1,500,000,000 revolving credit financing for Swiss International Air Lines AG and Edelweiss Air AG, with the Swiss Confederation, represented by the Swiss Federal Department of the Environment, Transport, Energy and Communications, acting as surety provider.
Like the entire aviation industry, Swiss International Air Lines AG and Edelweiss Air AG have been significantly affected by the economic repercussions of the COVID-19 pandemic. Given the airlines' systemic importance, the Swiss Confederation secures the financing with a surety covering 85% of the facility amount.
Baker McKenzie acted as sole legal advisor to the lenders in all aspects of the transaction. The team was led by partner Lukas Glanzmann (Banking & Finance, Restructuring & Insolvency) and included senior associates Philip Spoerlé (Banking & Finance) and Markus Wolf (Banking & Finance, Restructuring & Insolvency), counsel Andrea Bolliger (Tax) and trainee lawyers Kristina Martinovic (Corporate, Banking & Finance) and Jan Lusti (Corporate, Banking & Finance) from the Zurich office as well as partner Oliver Socher (Banking & Finance) and counsel Silke Fritz (Banking & Finance) from the Frankfurt office.

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