Dubai International Capital is likely to hand the keys of British budget hotelier Travelodge to lenders including Golden Tree Asset Management and Avenue Capital, which are in talks to provide a new 60 million pound ($95 million) loan, lending sources said on Monday.
DIC, the private equity group backed by state-owned conglomerate Dubai Holding, is unlikely to stump up any fresh cash after writing its 400 million pound investment down to nothing, the sources said.
"DIC is working closely with the company and lenders to ensure that the right financing structure is in place for the business going forwards. DIC wrote off this investment in 2008, so is not facing any further losses on this investment," a spokeswoman for DIC said.
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