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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Amadeus IT Group, S.A.    AMS   ES0109067019

AMADEUS IT GROUP, S.A.

(AMS)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 10/22 05:38:27 am
45.51 EUR   -1.37%
10/09AMADEUS IT : Credit Suisse gives a Sell rating
MD
10/08AMADEUS IT S A : and Adobe empower airlines to deliver exceptional digital experiences
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10/07AMADEUS IT : UBS gives a Buy rating
MD
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Amadeus IT S A : Travelport Owners, Lenders Near Settlement of $1 Billion Debt Dispute

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09/16/2020 | 09:03pm EDT

By Andrew Scurria

Elliott Management Corp.'s Travelport Worldwide Ltd. is nearing a restructuring settlement that would unwind a disputed $1 billion shareholder rescue package and end a standoff with some of Wall Street's biggest debt buyers, people familiar with the matter said.

The settlement, if completed, would cool tensions between Travelport's top lenders and its private-equity backers Elliott and Siris Capital Group LLC, resolving one of the highest-profile fights to break out between investors in companies hit hard by the Covid-19 pandemic. Travelport and Elliott didn't immediately respond to requests for comment.

U.K.-based Travelport tried to weather the coronavirus with a financing package supplied by its owners, which had taken it private in 2018 and were eager to protect their stakes. One of Elliott's biggest private-equity bets, Travelport competes with Amadeus IT Group SA and Sabre Corp. to link airlines with booking websites and travel agents, a business that has slowed amid government-imposed travel restrictions and passengers' fear of contagion.

To secure the rescue loan, the company shifted intellectual-property assets out of the lenders' grasp to serve as collateral for Elliott and Siris. Although Travelport got much-needed cash to help survive the pandemic, lenders including Blackstone Group Inc., Bain Capital LP and Mudrick Capital Management LP were upset about losing access to valuable corporate assets.

These asset-shifting maneuvers have been increasingly popular among struggling private-equity-backed companies since J.Crew Group Inc. pioneered the strategy in 2016. Taking advantage of flexible credit agreements, portfolio companies have moved brands, trademarks and other intellectual property out of the reach of lenders and used the assets to secure financial lifelines elsewhere and avoid bankruptcy.

The groundwork for these disputes was laid in recent years as debt buyers, hoping to squeeze out meager returns from picked-over debt markets, accepted fewer and fewer protections when investing. Credit investors sometimes have fought back, with varying degrees of success.

Lenders said Travelport had tripped a debt default by stripping away property that should have stayed available to satisfy their claims. When they threatened to take action against Travelport, the company sued them, arguing it had complied with its debt agreements and struck a prudent deal to get through the downturn in air travel.

Kirkland & Ellis LLP, one of the most powerful law firms in finance, soon resigned from representing the company in a sign of how acrimonious the dispute had become. Travelport warned it could be forced into a defensive bankruptcy. It later reached an interim deal to keep lenders at bay and lay the groundwork for negotiations.

Under the possible new settlement, which could be signed as soon as Thursday, lenders agreed to backstop $500 million in fresh loans, backed by the intellectual property that had been pledged to Elliott and Siris, people familiar with the matter said.

First-lien lenders are accepting a discount of 10 cents on the dollar on some of their debt claims, while second-lien lenders are taking a 25-cent discount, reducing Travelport's roughly $3 billion debt load, these people said. The rescue loan supplied by Elliott and Siris is being repaid, the people said.

Write to Andrew Scurria at andrew.scurria@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
AMADEUS IT GROUP, S.A. -1.60% 45.37 Delayed Quote.-36.62%
SABRE CORPORATION -2.78% 6.65 Delayed Quote.-70.37%
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All news about AMADEUS IT GROUP, S.A.
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09/25AMADEUS IT : Credit Suisse reiterates its Sell rating
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09/17Travelport Owners, Lenders Settle $1 Billion Debt Dispute -- Update
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Financials
Sales 2020 2 404 M 2 847 M 2 847 M
Net income 2020 -442 M -523 M -523 M
Net Debt 2020 3 035 M 3 594 M 3 594 M
P/E ratio 2020 -43,6x
Yield 2020 0,15%
Capitalization 20 753 M 24 630 M 24 576 M
EV / Sales 2020 9,90x
EV / Sales 2021 6,02x
Nbr of Employees 17 623
Free-Float 99,8%
Chart AMADEUS IT GROUP, S.A.
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Amadeus IT Group, S.A. Technical Analysis Chart | AMS | ES0109067019 | MarketScreener
Technical analysis trends AMADEUS IT GROUP, S.A.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 26
Average target price 48,08 €
Last Close Price 46,14 €
Spread / Highest target 53,9%
Spread / Average Target 4,20%
Spread / Lowest Target -35,8%
EPS Revisions
Managers
NameTitle
Luis Maroto Camino President, CEO & Executive Director
José Antonio Tazón García Chairman
Till Streichert Chief Financial Officer
Sylvain Roy Senior VP-Technology Platforms & Engineering
David Gordon Comyn Webster Independent Director
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