Reuters: Bankruptcy News: RLPC-UK hotel chain Travelodge agrees debt restructuring

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RLPC-UK hotel chain Travelodge agrees debt restructuring Aug 17th 2012, 10:04 LONDON | Fri Aug 17, 2012 6:04am EDT LONDON Aug 17 (Reuters) - UK budget hotel chain Travelodge said it agreed a 635 million pound ($999.62 million) debt restructuring that would give lenders control of the business. Under the restructuring debt will be reduced to 329 million pounds from 635 million pounds and 75 million pounds of new cash will be injected into the business for major refurbishment work, the company said on Friday. The company will undergo a so-called Company Voluntary Arrangement (CVA) at the High Court in London to complete the restructuring.

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