Travelport Extends Deadline For Lender Vote

Travelport's parent company extended until close of business Thursday the deadline for certain lenders to vote on the debt restructuring program that we covered here in The Beat. If it does not gain the support of its creditors for the plan, the company may seek Chapter 11 protection. To expedite that if it were to occur, the company simultaneously is seeking support for a consensual plan of reorganization. According to a customer letter from chairman and CEO Gordon Wilson, this finance activity does not affect customers. [more]
Operating company "Travelport Limited would not be a party to any consensual plan of reorganization and our ongoing business operations would not be impacted in any way," Wilson wrote in a Sept. 19 letter. "We will continue to innovate and enhance our service, even as our parent holding company seeks these amendments. No matter what path Travelport Holdings pursues, it will be business as usual for us and the services we provide to our customers.
"Over the last five years, Travelport Limited has invested over $450 million in research and development to provide you with the solutions you need to meet your business needs," Wilson continued. "This has resulted in the delivery of exceptional products and services such as Travelport Universal Desktop, Travelport Rooms and More and Travelport Universal API."