June 15, 2020 / 4:19 PM / 22 days ago

Forex firm Travelex ends buyout talks over 'unacceptable' offers

FILE PHOTO: Signage is seen above a Travelex ATM at Manchester Airport in Manchester, Britain January 8, 2020. REUTERS/Phil Noble

(Reuters) - Travelex [TFPI.UL] has terminated a sale process as the offers it received were “unacceptable” to its revolving credit facility lenders and holders of senior secured notes, the troubled currency services provider said on Monday.

The London-based company said discussions continue with the lenders and a group representing over two thirds of the noteholders, over a long-term new money financial restructuring.

Travelex, which put itself up for sale after parent Finablr (FINF.L) cautioned of a potential insolvency, said it received a temporary waiver from more than 70% of the noteholders over defaulting on a 14.4 million euro ($16.22 million) upcoming coupon payment.

Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shinjini Ganguli

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