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Travelport Plc (Travelport) is one of the leading global providers of travel technologies, solutions and services. Through the company’s network, customers can gain access to approximately 430 airlines, 24,000 hotels, 25 car rental companies, 400 cruise lines and 15 rail networks. Travelport’s Global Distribution Systems (GDS) business operates 3 systems; Galileo, Apollo and Worldspan, across approximately 160 countries to provide booking technology and supplier information to travel agencies. Furthermore, the company’s Gulliver Travel Associates (GTA) has an inventory of approximately 24,000 hotels worldwide providing 56 mn hotel rooms.
Global air traffic volumes have declined significantly over the past 2 years.
Travelport’s pre-issue Balance Sheet is significantly leveraged. Travelport’s Debt/EBITDA stands at 7.42 as of 30 September 2009. Losses over a period of years have had a significant impact on shareholder equity, which has turned negative as of 30 September 2009. In addition, Orbitz Worldwide (Orbitz) has also had a significant impact on the company’s margin over the last couple of years. Therefore, Travelport will need to focus on improving and restructuring its Orbitz business if it aims to mirror its improving operating performance in its bottom-line. We expect GDS revenues to grow modestly in 2010 before increasing pace in 2011 driven by increase in international air passenger growth, coupled with recovery of the GDS air segment volumes….

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