Cases & Deals

Travelport senior noteholders negotiate comprehensive capital restructuring plan

Client(s) Travelport senior noteholders

Jones Day represented an ad hoc group consisting of significant holders of Senior Unsecured Notes issued by Travelport LLC in connection with a comprehensive out-of-court restructuring for Travelport that was consummated on April 15, 2013. As a result of negotiations between Travelport and certain of its lenders and investors, including the ad hoc group of senior noteholders represented by Jones Day, all senior noteholders were provided the opportunity to exchange their existing instruments for a combination of cash and approximately $590 million in new extended Senior Notes, as well as the opportunity to reinvest in the restructured company by purchasing a share of $630 million in new second lien loans. The restructuring plan received virtually unanimous support from all of the affected constituencies, including senior noteholders. Jones Day also represented each of the members of the ad hoc committee in connection with their respective agreements to backstop a portion of the new second lien loans.