TITLE

Bondholder Dissidents Oppose Travelport Restructuring

AUTHOR(S)
Sheahan, Matthew
PUB. DATE
September 2011
SOURCE
High Yield Report;9/26/2011, p20
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article discusses the planned debt exchange of Atlanta, Goergia-based Travelport, The Blackstone Group's portfolio company, in order to restructure its PIK term loans due 2012. Despite opposition from over 25% of its bondholders, the restructuring involves extending the maturity of PIK loans to 2016, issuing 342.5 million dollars in second-lien term loans and paying lenders a consent fee. The bondholders claim that the restructuring would lead to inability to pay the current obligations.
ACCESSION #
66187643

 

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