Update on debt restructuring implementation
8 Jul 2020
Travelex Financing Plc
Update on debt restructuring implementation
Travelex Financing Plc
8 July 2020
8 July 2020
FOR IMMEDIATE RELEASE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Travelex Financing Plc (“Travelex” or the “Company”)
Travelex takes first step in the implementation of its debt restructuring
Travelex’s subsidiary Travelex Banknotes Limited (“TBL”), has today served a notice of intention to appoint PwC as administrators marking the first of several steps in the implementation of its proposed debt restructuring announced on 7 July 2020.
The notice of intention will be used to protect the assets of TBL for the benefit of the latter’s creditors while the division of corporate entities between Initial Fundco and Optional Fundco is completed as part of the group’s debt restructuring.
As reported on 7 July, certain members of an ad hoc committee (the “AHC”) representing at least 66.7% of Senior Secured Noteholders (“SSNs”) have committed £84m of new money to underpin the debt restructuring, which is also supported unanimously by the Travelex group’s RCF lenders.
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