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EDreams Odigeo SL bonds rose after Iberia Airlines and British Airways said they’re resuming selling tickets on the Spanish online travel service’s sites after it made the booking processes more transparent.
EDreams’s 10.375 percent bonds jumped 30 cents on the euro to 60 cents while the company’s 7.5 percent notes rose 10 cents to 76 cents, data compiled by Bloomberg show.
The Barcelona-based company’s shares plunged 59 percent on Oct. 24 before being suspended after the airlines said they had removed ticketing from three sites run by EDreams. Trading is set to resume today.
Iberia said Oct. 25 it and partner airline British Airways resumed sales on two of the sites they had pulled out of, and that they would rejoin the third as soon as EDreams could confirm the site meets European consumer-protection regulations.
Iberia and British Airways flights are available on 66 out of 67 of EDreams’s sites and the absence of those airlines on the remaining site affects less than 0.2 percent of the company’s bookings, EDreams said in a statement Oct. 25.
The company said it “strongly believes that BA and Iberia’s actions are not about any form of non-compliance with the law, but instead about non-compliance with the terms that BA and Iberia want to impose on travel agents.”
EDreams sold shares to the public in April at 10.25 euros a share. In June the company said that its 2015 earnings before interest, tax, depreciation and amortization would be “difficult to discern” after it was affected by changes to Google Inc.’s search algorithms.
–With assistance from Michael Shanahan in London.
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