On July 13, 2006, Cendant says it will distribute on July 31 all of the common stock of Wyndham and Realogy, a total of about 1 billion shares, to its stockholders of record as of July 21. The distribution breaks down to one share of Wyndham common stock (roughly 200 million shares) for every five shares of Cendant common stock and one share of Realogy common stock for every four shares of Cendant common stock (roughly 250 million shares). Basically leave it with little more than its Avis and Budget car rental businesses. The company will then look into a 1-for-10 reverse split, which would prop up the share price tenfold while reducing the number of shares outstanding from roughly a billion to 100 million.
On June 30, Cendant said it would sell its travel services division Travelport to the Blackstone Group for about $4.3 billion in cash and use the money to reduce debt allocated to Wyndham and Realogy. Debt levels for Wyndham and Realogy are expected to be around $600 million and $750 million, respectively.
Wyndham and Realogy have applied to list their stocks on the New York Stock Exchange under symbols "WYN" and "H," respectively.
Wyndham will contain 3 branches
Hotel (Wyndham Hotel Group) offers upscale hotel and resort accommodations throughout the United States, Canada, Mexico and the Caribbean. All hotels are independently owned and either franchised or managed by an affiliate of Wyndham Hotels and Resorts.
Wyndham Vacation Ownership Inc. (Parent company of FF and TW) is the TS branch. It includes marketing and sales of vacation ownership interests, consumer financing in conjunction with the purchase of vacation ownership interests, property management services to property owners' associations, and development and acquisition of vacation ownership resorts.
RCI Global Vacation Network, contains RCI Global Vacation Network, is the world's largest vacation exchange network and among the world's largest global marketer of vacation rental properties.
Jya-Ning
On June 30, Cendant said it would sell its travel services division Travelport to the Blackstone Group for about $4.3 billion in cash and use the money to reduce debt allocated to Wyndham and Realogy. Debt levels for Wyndham and Realogy are expected to be around $600 million and $750 million, respectively.
Wyndham and Realogy have applied to list their stocks on the New York Stock Exchange under symbols "WYN" and "H," respectively.
Wyndham will contain 3 branches
Hotel (Wyndham Hotel Group) offers upscale hotel and resort accommodations throughout the United States, Canada, Mexico and the Caribbean. All hotels are independently owned and either franchised or managed by an affiliate of Wyndham Hotels and Resorts.
Wyndham Vacation Ownership Inc. (Parent company of FF and TW) is the TS branch. It includes marketing and sales of vacation ownership interests, consumer financing in conjunction with the purchase of vacation ownership interests, property management services to property owners' associations, and development and acquisition of vacation ownership resorts.
RCI Global Vacation Network, contains RCI Global Vacation Network, is the world's largest vacation exchange network and among the world's largest global marketer of vacation rental properties.
Jya-Ning
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