Travelport in its $4.3 billion debt restructuring

On December 28, 2023, Travelport Technology Limited (“TTL”) and certain of its subsidiaries (collectively, “Travelport”) completed a series of restructuring and recapitalization transactions (the “Transactions”) with the consent of 100% of Travelport’s priority lien term loan lenders and junior priority lien term loan lenders (the “Junior Lenders”) and certain of its indirect equity holders (the “Sponsors”).  Pursuant to the Transactions, certain Junior Lenders and the Sponsors purchased $570 million in new convertible preferred stock of TTL, the proceeds of which were used to pay down its senior indebtedness, pay fees and expenses related to the Transactions and provide Travelport with $200 million of incremental liquidity.  In aggregate, in excess of $4.3 billion in debt obligations were restructured, of which approximately $1.9 billion in senior debt was amended and extended and more than $2.4 billion in total debt paid off, equitized or cancelled.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Travelport.