Travelodge in debt deal

Published on 08/09/2012 07:00

TRAVELODGE which has branches in Barton Mills, Needham Market, Stowmarket has had £709 million of debt written off after entering into a Company Voluntary Arrangement (CVA).

The CVA will also see lenders provide £75 million of new equity, some £55 million of which will be used to refurbish 175 of its hotels to benefit both its customers and landlords.

Brian Green, restructing partner at KPMG said: “We are pleased that landlords have recognised that the CVA will deliver a better return to them and estimate creditors will receive a return of 23.4p in the £1, versus the 0.2p in teh £1 they would have received if the business had been forced into administration.”

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Travelodge in debt deal

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