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Bank of America Resigns Role as Agent on Travelport Loan Amid Creditor Feud

  • Bank was intermediary between private equity owners, lenders
  • Planned asset move draws fire from Blackstone’s GSO unit

Bank of America Corp. surrendered its role as administrator on Travelport’s first-lien loan as a fight pitting Elliott Management Corp. and Siris Capital Group LLC against a group of credit investors heats up.

The bank resigned as agent on the global bookings operator’s $2.8 billion first-lien loan to avoid picking sides in a fight between the firm’s private-equity owners and its creditors, according to people familiar with the matter. As an agent, a bank typically performs administrative and monitoring duties, and has contractual obligations to both the borrower and its lenders.