This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Clifford Chance, Freshfields Bruckhaus Deringer and Kirkland & Ellis have advised on a deal to reduce Travelodge’s debt by transferring control of the hotel chain to three investors.
Clifford Chance restructuring partner Mark Hyde is leading for Travelodge on the process, which today saw a deal agreed to pass ownership in the company from private equity group Dubai International Capital (DIC) to Goldman Sachs, GoldenTree Asset Management and Avenue Capital Group.
The agreement means its debt will be cut by £235m to £329m, with the trio also injecting £75m into the company.
Kirkland City restructuring partner Kon Asimacopoulos is advising Goldman Sachs, GoldenTree and Avenue, which together comprise the cross-holder committee.
Freshfields is acting for Travelodge’s main lenders, Barclays Bank, Babson Capital, Investec and the Royal Bank of Scotland, with the team led by restructuring partner Ryan Beckwith.
Background to this deal:
DIC bought Travelodge in 2006 from Permira, instructing Freshfields corporate partners Chris Bown and Bruce Embley. Clifford Chance corporate partner Matthew Layton advised Permira (22 August 2006). DIC issued a £480m Eurobond to finance the deal, with the debt added to Travelodge’s balance sheet. It will now be written off.