Travelodge has had GBP75 million injected into the company after completing its financial restructure.
The hotel chain has written off debts of GBP235m and repaid another GBP71m to reduce its overall debts in the agreement, which will see the rest of its debts paid by 2017.
The finacing deal with GoldenTree Asset Management, Avenue Capital Group and Goldman Sachs will now see the budget chain invest GBP55m into refurbishing its hotels, starting early next year.
“[Following the successful completion of the CVA process,] the financial restructuring completed today will provide further stability to the business. It demonstrates our investors’ confidence in the Company and I believe we have now secured the long-term future of the business,” said Grant Hearn, CEO of Travelodge.
