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Debevoise and Dechert Advise Airlines on IT Sale
Legal Week
March 13, 2003
Debevoise & Plimpton has teamed up with Dechert to advise on the sale of the computer reservations arm of three embattled airlines.
In a bid to trim a combined estimated debt of U.S. $5.6 billion, American Airlines, Northwest Airlines and Delta Air Lines agreed to sell their joint ticket processing system, Worldspan, to Travel Transaction Processing, a newly created company formed by Citigroup Venture Capital Equity Partners and Teachers' Merchant Bank.
Debevoise's New York corporate partner Kevin Schmidt and Dechert's Geraldine Sinatra and Daniel O'Donnell advised the acquirers.
The instruction is the latest in a stream of work generated by the restructuring in the U.S. airline industry following the drastic fall in passenger numbers after the 11 September 2001 terrorist attacks.
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