Walkers’ Jersey team has advised on the multi-million pound restructuring of Travelex, the world’s largest foreign exchange bureau.
The successful restructuring reduced the Travelex Group’s debt and injected fresh liquidity into the business which had been severely impacted by a 2019 cyber-attack and the impact of the Covid-19 pandemic. The Walkers’ team – led by partners Fraser Hern and Jonathan Heaney – advised on the Jersey law elements of the restructuring for Travelex.
Fraser commented: “This was a significant restructuring conducted under tight timeframes. We are very pleased to have been able to advise Travelex on this matter, and to have been able to deploy Jersey law specialists across a broad range of restructuring & insolvency, corporate and banking law issues, working alongside our colleagues at Sidley Austin LLP, so as to support our clients to a successful outcome.
“Our Global Restructuring and Insolvency Practice is a market leader and is seeing a continued uptick in activity, including in structures involving Jersey and Guernsey corporates which often sit as obligors in highly complex capital structures. With further liquidity issues on the horizon for many sectors, we expect to see more and more restructuring and insolvency mandates in the short to medium term”.
