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Hotel Industry News |
Friday September 5th, 2008 |
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Cendant Looks To Speed Up Spinoffs |
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Cendant Corporation Announces Possibility of Simultaneous Spin-Offs of Realogy Corporation and Wyndham Worldwide Corporation - Potential to Accelerate Completion of Separation Plan
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Cendant Corporation (NYSE: CD) announced that it is exploring the possibility of simultaneous spin-offs of its Realogy Corporation and Wyndham Worldwide Corporation subsidiaries in mid-July, instead of spinning off those companies at different times as previously contemplated.
This possibility is being considered as a result of the Realogy and Wyndham separations currently progressing on an approximately similar timetable and the increasing likelihood of a sale of Travelport rather than a spin off.
Given the current timetable for the Travelport sale process, it is also expected that by mid-July the Company will have greater visibility on the likely results of the process and the possible impact of the use of proceeds from such sale on the debt balances at Realogy and Wyndham Worldwide following their separation. If the proposed simultaneous separation is pursued, the distribution to Cendant stockholders of the common stock of each of Realogy Corporation and Wyndham Worldwide would be targeted for mid-July. Previously, the Corporation contemplated a spin-off of Realogy at the end of June and a spin-off of Wyndham Worldwide at the end of July.
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New York City-based Cendant Corporation (NYSE:CD) provides travel and residential real estate services to businesses and consumers in more than 100 countries. Cendant Hotel Group, based in Parsippany, N.J., is one of the world's largest integrated lodging franchise and management companies with more than 6,300 hotels on six continents under the Wyndham(R), Super 8(R), Days Inn(R), Ramada(R), Travelodge(R), Howard Johnson(R), Knights Inn(R), Wingate Inn(R) and AmeriHost Inn(R) brands. All hotels are individually owned, and they are operated under franchise agreements with Cendant subsidiaries.
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