Travelodge Ltd. will get financing from two New York-based hedge funds as the U.K. budget hotel chain owned by Dubai International Capital restructures debt.
Avenue Capital Group LLC and GoldenTree Asset Management LP have underwritten a medium-term facility of 60 million pounds ($95 million), James Leviton, a spokesman for Travelodge, said by phone after the Sunday Times reported the company had six weeks to raise the money or it could face bankruptcy.
“All the lenders are working together to find a sensible solution to the debt structure,” Leviton said. “Travelodge is not going into administration.”
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