Wed, 05 Sep 2012 | BUSINESS SALE
Travelodge is putting six West Midlands hotels on the market in a bid to restructure and secure its future.
The firm confirmed that Birmingham Fort Dunlop, Birmingham Walsall and Birmingham Maypole are all on the market, along with three further hotels in Redditch, Wolverhampton Central and Coventry.
In addition to selling off some of its properties, Travelodge is also asking a number of its UK landlords to vote on a plan that would see rents slashed. It is set to offload a total of 49 hotels to other operators, while 109 landlords will be asked to accept a 25 per cent cut in rent.
The plans are all part of a CVA, which is designed to help the company exit poorer performing leases and cut down its crippling debt burden. However, 75 per cent of creditors have to vote through the CVA before it can be instigated.
The debt restructuring, if agreed, will see £476 million of shareholder loan notes written off, along with the repayment of a further £71 million bank loans and the extension of the maturity on the remaining £329 million of debt until 2017.
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