Following its efforts to slash costs and raise capital, Sabre's liquidity position "is sufficient for more than a year and a half, even in a zero-bookings, no-travel scenario," president and CEO Sean Menke said Friday during the company's first-quarter results call.
Wex has backed out of its deal to acquire travel payments operator eNett from majority owner Travelport.
"Are we disappointed? Sure. This is what we worked for," Farelogix CEO Jim Davidson said about last week's merger termination with Sabre. "We believed that Sabre-Farelogix made a lot of sense. So we fought for it. In the end, it didn't work out the way we wanted."
Frosch Travel estimated in a lawsuit against its commercial insurance provider filed last week that it "suffered losses of approximately $40 million, and that number is rapidly increasing," due to the Covid-19 crisis. Like other businesses, Frosch filed a claim with its insurance provider to collect on its policy. However, the insurance company rejected the claim, prompting Frosch to file suit.
Sabre and Farelogix have terminated their merger agreement that expired Thursday at the stroke of midnight, dashing their November 2018 plans to wed. The decision to walk away from an acquisition comes amid the U.K. Competition and Markets Authority's decision this month to outright block the transaction and against a backdrop of a pandemic-ravaged travel industry scrapping for survival.
Unused ticket tracking long has been a fixture of the travel management toolkit. But the industry never was fully prepared for what has been an unprecedented spike in cancellations, a breakneck pace of airline ticket policy changes or such swollen banks of unused tickets that await redemption.
Unlike many travel management companies these days, Los Angeles-based TravelStore's agents are busy and phones are ringing. As the state of California's travel management contractor, the TMC this month became the front end of a state-backed program to match healthcare workers, at risk of Covid-19 exposure, with free or discounted hotel rooms.
Travelport will pay travel management companies per-segment incentives on Southwest Airlines bookings, according to a memo to travel agencies this week from the global distribution system operator.