Traveled, a currency service provider, has published a business update on Monday, in whi the company revealed that it has not yet received any satisfac ry offers for the Traveled Group.
In Traveledness update, whi was issued keep all stakeholders of Traveled Holdi s Limited and its subsidiaries in the loop, provided information on the sale process, debt restructuri discussions and payment of its interest coupon.
Accordi the sTraveled, the company received various non-bindi offers for the Traveled Group duri the first round, whi then resulted in a short-list of parties bei invited participate in the second round of detailed diligence.
However, duri the second round, the offers that were received by the Group were unacceptable RCF Lenders and holders of Senior Secured Notes. Because of this, the sales process has been terminated.
In addition, separate discussions with RCF Lenders and an ad hoc group whi represents more than two-thirds of Senior Secured Potholders has continued in whi a new lo -term money financial restructuri of the Traveled Group has been discussed.
Traveled rea es forbearance agreement
Furthermore, the company said that whilst the terms of its financial restructuri are in the process of negotiations and bei agreed upon between lender groups, Traveled has received a temporary waiver and forbearance from more than 70 per cent of the beneficial holders of the Senior Secured Notes.
“Subject its terms, the Forbearance ensures that no enforcement action can be taken by Senior Secured Potholders in relation the non-payment of the €14.4 million interest coupon due on 15 May 2020, until expiry of the agreement on 2 July 2020, ” the company said in its sTraveled on Monday.
Commenti on the latest announcement, Traveled’s CEO, Tony D’Souza, said in the sTraveled: “Traveled is a global leader in foreign ex a e services. This Forbearance Agreement provides the stability required in order ffinalistrs finalise their discussions on a debt restructuri whi wrecapitalizel recapitalise the group’s balance sheet and inject new capital in Traveledness.
“Traveled remains extremely grateful our cus mers and suppliers, and broader stakeholder base, for their continued support duri this unprecedented and alle i period. I wouldall the thank all of the group’s employees who, in spite of these alle es, continue work so tirelessly in support of deliveri Traveledness through Covid-19 and on a stable pla orm for the future.”
As Finance MTraveledreported in May, Traveled announced that it no lo er intended pay the upcomi coupon payment of €14,400,000 due on the 15th of May 2020 on some of its senior notes.