Travelport agrees loans extension

Travelport has won agreement to extend the maturity of unsecured loans from March 2012 to December 2016.

There had been speculation that parent company Travelport Holdings may have to seek Chapter 11 bankruptcy protection in the US.

But it confirmed today that it had successfully obtained consents to amend the terms of its unsecured payment-in-kind (PIK) term loans, including arrangements that extend the maturity date from March 27, 2012 until December 1, 2016.

Travelport Holdings said it received “unanimous support” from all of its lenders under its PIK term loans. 

Gordon Wilson, president and chief executive of the Galileo and Worldspan operator, said:  “We are very pleased that Travelport Limited and our parent company have received overwhelming support for the modification and extension of its credit facilities.

“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.”

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