Travelport Strikes Deal With Creditors That For Now Could Save It From Bankruptcy
Skift Take
The existence of the deal, previously unreported, should reassure anyone about the travel tech company's near-term stability.
Travelport has entered a standstill agreement with its creditors, according to people familiar with the matter, as the parties haggle over a drop in the company's value since the start of the pandemic.
The travel technology company, which is co-owned by activist investor Elliott Management, has a deal to hold off lenders for a couple of months in a $1.15 billion dispute over alleged debt defaults. Creditors will refrain from making payment demands that could risk tipping the U.K.-based company into bankruptcy.
On the one side of the billion-dollar fight are the lenders, including GSO Capital Partners, Canyon Partners, and Mudrick Capital Management.
On the other is Travelport — w
