American Airlines Sells Worldspan Equity

1st Jul 2003

FORT WORTH, Texas - American Airlines received $180 million in cash and a $39 million promissory note for its equity stake in Worldspan LP, which American, jointly with Delta Air Lines and Northwest Airlines, sold Monday to Travel Transaction Processing Corp.

Travel Transaction Processing Corp. is owned by Citigroup Venture Capital Equity Partners L.P. and Teachers’ Merchant Bank.

American acquired a 26 percent interest in Worldspan, a leading travel technology resource for travel suppliers, travel agencies and corporations, when it acquired the assets of TWA in 2001.

The cash infusion will bolster American’s cash position, but it will not alter the airline’s need to fully implement its Turnaround Plan, which includes the removal of $4 billion of annual costs.


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