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Travelex Owner In Restructuring Talks With PWC

Posted on Mar 20, 2020. by NTI

Holding company investigating $100m of undisclosed cheques.

On 16 March Travelex owner, Finablr announced it was in fast moving discussions with its banking facilities regarding the groups lending and “had engaged an accounting firm to undertake rapid contingency planning for a potential insolvency appointment with a view to maximising value in the group” in a statement issued to the London Stock Exchange.

Travelex shares have been suspended following reports that the company could not account for $100m of undisclosed cheques which is being investigated by forensic accountants.

Travelex has been assuring shareholders that it is a standalone entity from Finablr and can operate without Finablr’s support.

In its latest statement to investors Travelex said it was working closely with “input from PwC and supported by its other external advisors, regarding the operation of its business in the interest of all relevant stakeholders, Travelex notes that it has maintained a legal and financing structure with the Finablr Group that is capable of operating separately on a stand-alone basis”.

Travelex has assured customers it is continuing its foreign exchange operations and is working to mitigate the challenges of the present climate and severely reduced travel following the outbreak of the Corona Virus.

 

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