Mezz checked in at Travelodge as CVA approved
Some 97% of Travelodge’s creditors — including 96% of landlords — have approved a company voluntary agreement (CVA) that will allow its mezzanine lenders to finalise their takeover of the UK budget hotel chain, and reduce the levels of rent at some of its hotels.
Travelodge launched the CVA on August 17 and required 75% approval to put in the rent reduction plan, which will affect 109 of its hotels. A further 347 of the chain’s hotels will be untouched, with 49 declared unviable and up for sale.
The approval leaves junior lenders GoldenTree
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