Debevoise & Plimpton has teamed up with Dechert to advise on the sale of the computer reservation arm of three embattled airlines as the debt-laden US aviation industry continues to struggle with the prolonged slump in passenger demand.
In a bid to trim a combined estimated debt of $5.6bn (£3.41bn), American Airlines (AA), 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.
