Troubled currency services provider Travelex on Wednesday warned of defaulting on a $15.6 million coupon payment on some of its senior notes as it grapples with a hit to earnings amid the coronavirus crisis.
The firm has put itself up for sale after parent Finablr cautioned of a potential insolvency, while Travelex itself has been hit by costs related to a ransomware attack in late December that crippled its systems.
Travelex said it does not intend to pay the coupon due on Friday, adding that it would seek waiver arrangements from noteholders.
The London-based company also said it was in talks with its lenders, advisers and certain bondholders for a long-term solution, while it was actively seeking bidders for the group.
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Forex firm Travelex to default on coupon payment