Published on Friday, September 30, 2011
Travelport announced today that it has won agreement from its lenders to extend its unsecured loans until the end of 2016.
The loans were due to mature in March 2012 and there were fears that without the extension the company's US parent Travelport Holdings would have been forced to seek protection from its creditors.
However, Travelport, which owns the Galileo and Worldspan reservations systems, said it had received unaminmous support from all its lenders to amend the terms of its unsecured payment-in-kind term loans, including to extend the maturity date to December 1 2016.
“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 president and CEO Gordon Wilson.
“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.”
By Linsey McNeill
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The recent insolvency of Low Cost Travel Group, one of the large players in the travel industry had a big impact on the travelers, hotels and all related players from both wholesale & retail arms. There were about 27,000 people on a holiday who had booked through the company comprised of a €200 million wholesale arm and €500 million OTA / retail arm.