(Bloomberg) — The Travelodge Owners Action Group, a coalition of Travelodge landlords representing more than 400 hotels, called for more information on a proposal to restructure the company.
The group is seeking “detailed clarification” on some of the terms of Travelodge’s current proposal before a June 17 deadline for an initial vote, according to an emailed statement from Viv Watts, who co-ordinates the group.
The landlords are calling for “greater transparency” as the voting deadline approaches and “urgently requesting detailed clarification on the options promised to landlords” in Travelodge’s proposal. “Without added clarification, landlords have the strength in numbers to oppose” the proposal, according to today’s statement.
The online creditors’ meeting is scheduled for June 19, with an announcement on whether the so-called CVA proposal has passed as expected on the same day, according to the action group statement. CVAs are a type of U.K. insolvency process that allows firms to cut rent without affecting financial debt if at least 75% of creditors and property owners agree.