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Avenue Capital, Golden Tree to Take Over Travelodge, Times Says

Avenue Capital Group and Golden Tree Asset Management are planning to take over Travelodge Ltd as the budget hotel chain looks to raise cash, the Sunday Times reported, citing unidentified people close to the negotiations.

The budget hotel chain has six weeks to raise 60 million pounds ($95 million) or it could face bankruptcy, the newspaper said. Avenue Capital and Golden Tree have joined a third party, potentially an investment bank, in the plan, according to the newspaper.

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