A major overhaul will see Travelodge shed 10% of its hotels in exchange for a debt write-off of almost £720m.
Goldman Sachs and two New York hedge funs have taken control from Dubai International Capital through a debt for equity swap. The Daily Telegraph says the budget hotel’s new owners will pour in £75m of cash as part of the restructuring. The plan is expected to be unveiled today.
17/08/12 Daily Telegraph B1
