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.