Sidley Advises on the Restructuring and Refinancing of Travelex

Sidley represented Travelex, the world’s largest foreign exchange bureau, headquartered in London, on the completion of its financial and operational restructuring. Travelex successfully reduced its secured financial indebtedness from over £385 million to £160 million. It will also benefit from £84 million of new liquidity. The restructuring transaction was delivered through a pre-packaged administration sale of certain UK Travelex entities.

The Sidley team was led by partners and co-heads of Sidley’s London Restructuring team Jifree Cader and Mark Knight, supported by lead associate Dhevine Chandrapala and fellow Restructuring senior associate Gordon Davidson, associates Susannah M. Apuzzo, Tamara Habayeb, Luke Mason, and Ibrahim Babiker, and trainee solicitor Arjun Sehgal. The transaction involved a multi-disciplinary team working together across several practice areas from the London office, including:

• Capital Markets: Alan G. Grinceri, David E. Howe, and Benedetta Pacifico
• Corporate: James Wood, Sava Savov, Matthew Anson, and Sofie Nordgren
• Global Finance: James Crooks and Nils Gravenhorst
• Tax: Oliver Currall, Jason Menzies, and Oliver Rosshandler
• Banking and Financial Services: Leonard Ng and Max Savoie
• Labor, Employment and Immigration: Susan Fanning and Peter McCorkell
• Commercial Litigation and Disputes: Andrew Fox, Matthew Shankland, Samantha Cumming, and Jack Roxburgh
• Insurance: Martin Membery

It also involved a number of individuals from other Sidley offices including Bojan Guzina (Restructuring, Chicago), Tomoki Ishiara (M&A, Tokyo), and Raymond Oh (China Corporate and Finance, Hong Kong).