Traveled Ends Sales Process After Receiving Unacceptable Offers

London  wer bridge

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.

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