Travelex seeks administrator appointment for its debt restructuring

By Sarah Lizee

Olympia, Wash., July 8 – Travelex Financing plc subsidiary Travelex Banknotes Ltd. served a notice of intention to appoint PricewaterhouseCoopers as administrator, marking the first of several steps in the implementation of its proposed debt restructuring.

The notice of intention will be used to protect the assets of Travelex Banknotes for the benefit of creditors while the division of corporate entities between Initial Fundco and Optional Fundco is completed as part of the group's debt restructuring, according to a London Stock Exchange notice.

Travelex said some members of an ad hoc committee representing at least 66.7% of senior secured noteholders have committed £84 million of new money to underpin the debt restructuring, which is also supported unanimously by the Travelex group's revolving credit facility lenders.

Travelex is a London-based foreign exchange company.

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