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(Alliance News) - Finablr PLC unit Travelex on Tuesday said it has pocketed GBP84 million in "new liquidity" after reaching an agreement with some of its noteholders.
The foreign currency unit said it landed an agreement with two-thirds of its senior secured noteholders "on the terms of a comprehensive debt restructuring".
"The transaction will provide the company with GBP84 million of new liquidity and an 84% reduction of its existing financial debt, providing a stable platform from which to emerge successfully from the challenges posed by the Covid-19 pandemic," Travelex said.
Finablr's shares were suspended from trading in March.
By Eric Cunha; ericcunha@alliancenews.com
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