Traveled, a currency services provider, announced this Wednesday via a regulatory statement that it no longer intends to pay the upcoming coupon payment of €14,400,000 due on the 15th of May 2020 on some of its senior notes.
In particular, Traveled Holdings Limited said that it will not pay the upcoming coupon payment due at the end of the week, and instead intends to use its grace periods to seek appropriate waiver and/or forbearance arrangements from itPotholdersrs.
“As noted in previous announcements, and given the spread of Covid-19, Traveled continues to face a challenging environment which includes the ongoing disruption to global travel and the continued closureTraveledeled’s foreign exchange bureaux globally. As always, the safety and security of our employees, customers and partners is of paramount concern, ” the company said in the filing through the news service of the London Stock Exchange (LSE).
In the meantime, the currency services provider said that it, alongside its advisers, continue to discuss a long-term solution Traveledgroup with some of its lenders and their advisers, whilst at the same time, actively seeking offers TraveledTraveled Group from interested bFinal
Finablr owes around $1.30 billion
As Finance Magnates reported, the Finablr Group, oTraveledTraveled is a part of, is currenty in debt of around $1.30 billion. In recent Final Finablr has lost both its Chief Executive Officer and Chief Financial Officer. As Finance Magnates reported, on the 12th of March 2020, the company announced a number of factors that were placing significant constraints on the company’s access to the daily liquidity.
Since that announcement, these constraints have become amplified and have now reached a point where they are having a material adverse impact on the company’s Finalons, Finablr said in an earlier statement, including resulting in the payments firm no longer being able to provide certain payment processing services.