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UK budget hotel chain Travelodge gets nearly half its debts written off

Excerpt from BBC News

Aug 19, 2012 5:55 am

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Travelodge now has a shot at turning around its business, but the chain’s landlords are concerned about the company’s additional plans to find new operators for almost a tenth of its hotels.

— Samantha Shankman

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Hotel chain Travelodge has agreed a deal to cut its debts substantially, which it says will secure the long-term future of the business. Some £235m of bank debt will be written off, helping to cut the total to £329m.

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