Cendant Will Post $1 bil Charge for Travelport Sale
NEW YORK, NY, July 26, Cendant Corp said in a filing with the Securities and Exchange Commission it will post a second-quarter non-cash impairment charge of more than $1 billion related to the pending sale of its travel distribution services unit, Travelport.
The charge results from the difference between the $4.3 billion sale price for Travelport -- which is subject to certain adjustments -- and the historical carrying value of the Travelport assets, according to AFX news wire.
Cendant announced the sale of the unit, which includes online travel agencies CheapTickets and Orbitz, among other assets, to an affiliate of private equity firm Blackstone Group last month.
Cendant said it may incur an additional loss on the completion of the sale, which is expected to occur in August.
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