Law firm trio advise as Travelodge agrees debt restructuring
Clifford Chance (CC), Freshfields Bruckhaus Deringer and Kirkland & Ellis have taken lead roles on Travelodge's £635m debt restructuring, which will result in the company's bank debt being almost halved. CC advised Travelodge on the deal, with London-based head of insolvency Mark Hyde taking the lead.
August 17, 2012 at 10:41 AM
2 minute read
Clifford Chance (CC), Freshfields Bruckhaus Deringer and Kirkland & Ellis have taken lead roles on Travelodge's £635m debt restructuring, which will result in the company's bank debt being almost halved.
CC advised Travelodge on the deal, with London-based head of insolvency Mark Hyde (pictured) taking the lead.
Despite growing profits year-on-year since the onset of the recession, Travelodge has been weighed down by its bank debt. The restructuring will see £235m of the debt written off, with £71m to be repaid, taking total bank debt down to £329m.
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