Travelport Seeks Sharper Distribution Edge Despite Pandemic's Hit to Revenue
Skift Take
Travelport's response to the pandemic shows that purpose can defy skeptics. But uncertainty around the fate of its eNett sale may last for months.
The pandemic has been a seismic moment for the travel technology sector, and Travelport has been looking to regain its footing since.
Travelport announced in June it had gotten access to a half-billion dollars in fresh financing from its private equity owners, Siris Capital Group and the Elliott Management-affiliated Evergreen Coast Capital. Travelport already had access to about $500 million in liquidity and has drawn about $220 million from that.
Travelport needed the cash, having spent down its revolving credit facility, ratings agency Fitch said last month.
Travelport had expected to receive this month the first payouts from a proposed $1.7 billion sale of its stakes in payments tech company eNett. In May, Wex pulled out of a promise to buy eNett and its related
