Tuesday, 4 September 2012

Travelodge Creditors Vote Through Debt Deal

Travelodge's landlords have backed a controversial rescue plan to help the budget hotel chain overcome its crippling debt burden.

The arrangement will see the company offload 49 of its poorer-performing hotels to other operators, and slash rent payments by 25% across 109 other hotels.

The deal - known as a company voluntary arrangement (CVA) - was voted through by the chain's creditors, despite them having to take a significant financial hit as a result.

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