Sabre Corp's liquidation posture as of March 31, 2026 remains deeply negative, consistent with MFFAIS's reported CLV/LLV of approximately negative $4.1B to negative $4.5B. Total assets of $4.33B are dominated by goodwill ($2.38B, zero recovery under liquidation) and other intangibles embedded in OtherAssetsNoncurrent ($250M, effectively zero recovery). Applying standard haircuts: cash at 100% yields $644M; net AR of $367M (including $21M allowance already netted) recovers approximately $330-$349M at 90-95%; PP&E net of accumulated depreciation of $261M recovers $130-$182M at 50-70%; prepaid and other current assets of $102M recover minimally. Total realistic asset recovery likely falls in the $1.1-$1.2B range before any allocation to goodwill or acquisition intangibles, which contribute zero. Against this, total liabilities stand at approximately $5.34B at face value: current debt of $355M (including $150M 2026 Exchangeable Notes maturing August 2026 and $83M AR Facility), long-term debt noncurrent of $3.91B (predominantly senior secured notes at 10.75-11.125% rates, maturities 2029-2030), plus current liabilities of $1.23B and noncurrent other liabilities of $173M. Pension is estimated unfunded by $38M as of December 31, 2025 per MD&A disclosure; no separate XBRL tag for pension obligation exists in TAG_CONTEXT. Restructuring reserve of $37.8M on balance sheet and accrued restructuring costs from the inflation offset program (total expected cost $65M) represent face-value claims in liquidation. The deficit in reported stockholders' equity is negative $1.03B (GAAP book). On a liquidation basis, equity recovery is deeply negative, likely in the range of negative $4.0-$4.5B. Material changes versus prior filing (10-K dated December 31, 2025): restricted cash of $98M for the June 2027 Notes redemption has been deployed and the notes redeemed in Q1 2026, removing that liability; cash declined from $792M to $644M, a $148M reduction, driven by $134M operating cash outflow, $92M financing outflows (debt repayments), and $19M severance disbursements. Interest expense has risen to $123M for the quarter ($493M annualized), up 12% YoY, exceeding quarterly operating income of $116M. The AR Facility ($83M outstanding, matures March 2027) is fully drawn with zero available capacity, reducing liquidity optionality. Filing discusses the unfunded pension obligation and digital services tax contingencies in MD&A but does not separately XBRL-tag pension liability or DST accrual balances.
▼ Community Notes