(Alliance News) - Finablr PLC's foreign currency unit Travelex Financing PLC on Monday said its sales process has been terminated as the offers received have been deemed unacceptable by its lenders.
The company said that while it received a number of non-binding offers, they were rejected by the revolving credit facility lenders and holders of senior secured notes.
Travelex said discussions have continued between lenders and a group representing over two thirds of senior secured noteholders in relation to a long-term new money financial restructuring of the Travelex Group.
It added that while the terms of the restructuring are being negotiated, it has been granted a temporary waiver from more than 70% of noteholders which ensures that no enforcement action can be taken until July 2 in relation to the non-payment of EUR14.4 million interest coupon which was due on May 25.
"This forbearance agreement provides the stability required in order for lenders to finalise their discussions on a debt restructuring which we expect will recapitalise the group's balance sheet and inject new capital into the business. Travelex remains extremely grateful to our customers and suppliers, and broader stakeholder base, for their continued support during this unprecedented and challenging period," said Travelex Chief Executive Tony D'Souza.
Finablr's shares were suspended from trading in March.
By Ife Taiwo; ifetaiwo@alliancenews.com.
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