The transaction is being arranged through a pre-packaged administration sale of certain UK Travelex entities.
Travelex, the airport foreign currency specialist, said it will complete its debt restructuring later today but more than 1,300 jobs will be lost in the process.
The transaction will see a new Travelex group established with debts reduced to 160mln from 385mln.
A further 84 million of new liquidity will be in ejected into the new Travelex Group to build on its current, market position and brand, said the statement.
However, some parts of the UK business including the airport-based outlets are to be closed.
Toby Banfield, joint administrator at PwC, said: The completion of this transaction has safeguarded 1,802 jobs in the UK and …
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