UK's Travelodge Restructures £635M Debt With PE Backers

Law360, New York (August 17, 2012, 6:50 PM EDT) -- The hard-hit U.K. budget hotel chain Travelodge has restructured £635 million ($996.4 million) worth of debt under an agreement with its private equity-backed lenders GoldenTree Asset Management and Avenue Capital Group, as well as investor Goldman Sachs Group Inc., the company announced Friday.

Inking a company voluntary arrangement, the deal erases £235 million of bank debt and will include the repayment of about £71 million of the existing monies owed by the U.K. company. The deal will also inject at least £75 million of new capital...
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