Hotel operator QMH has negotiated an extension with mezzanine debt holders Goldman Sachs and KKR on its £107m of debt.
The company sold its UK division, which owned hotels across the UK, including the Crowne Plaza Hotel in Glasgow (pictured) in August 2014, closing out its senior debt, but had remaining obligations to Goldman and KKR that had been in breach of covenant since September 2012.
QMH negotiated a waiving of all its covenants, reduced its reporting requirements and extended the facility to the end of December 2016.
This is the second extension granted by the lenders since February 2013.
No enforcement action has been taken by either Goldman or the US private equity firm since the first default.
