ASIA Travel Tips.com

Travelport to Complete Debt Restructuring

Search ASIA Travel Tips .com Send to Friend ASIA Travel Tips.com Latest Travel News Monday, 3 October 2011

Travelport and its parent holding company, Travelport Holdings,  have successfully obtained the consents to amend the terms of Travelport Holdings’ unsecured payment-in-kind (PIK) term loans, including arrangements that extend the maturity date from 27 March 2012 until 1 December 2016.

During the solicitation of consent for the transaction, Travelport Holdings received unanimous support from all of its lenders under its PIK term loans. Holders of Travelport Limited’s senior secured credit agreement also consented to certain amendments in connection with the proposed restructuring, with approximately 99.3% in aggregate principal amount of the loans outstanding approving the amendment.

“We are very pleased that Travelport Limited and our parent company have received overwhelming support for the modification and extension of its credit facilities,” said Gordon Wilson, President and CEO of Travelport Limited. “We believe this support reflects the strength of our business and the confidence in our vision for the future of the company. With the consents obtained, Travelport Limited will continue to have the financial flexibility to execute our growth strategy. We remain focused on expanding and improving our product and technical platform and building on our position as one of the world’s leading travel content aggregators and transaction processing providers.”

The amendment to the PIK term loans is expected to be consummated today, 3 October 2011.

Travelport was advised by Blackstone Advisory Group, Credit Suisse and UBS in the transactions.

See other recent news regarding: Airlines, Airports, Awards, Flights, Codeshare, FFP, Inflight, Lounges, First Class, Business Class, MICE, GDS, Rewards, Miles, Hotels, Apartments, Promotions, Spas, Yoga, Retreat, New Hotels, Traffic, Visitor Arrivals, Cruises, Free Deals, Interviews, Videos, Travelport

Subscribe to our Latest Travel News Daily Email Free of Charge by simply entering your email address to the right. You can also receive the daily news service by WhatsApp, stay updated with our RSS Feed Free Travel News RSS Feed and even add the travel news to your website. Have questions? Please read our travel news FAQ.
     
Latest Travel News
Advertising
Advertising
Copyright © 1997-2019 TravelNewsAsia.com