Travelodge has said it will be able to steer through the coronavirus crisis after landlords backed a plan that will knock millions off the company's rent bill.
In a vote on the company's future on Friday, creditors gave the thumbs-up to a proposed company voluntary arrangement.
The deal will likely save the firm around £144 million in rent.
"The creditors of Travelodge have today approved its proposed company voluntary arrangement (CVA)," the company said in a statement.
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"The successful vote will enable Travelodge to navigate the short-term challenges facing the business as a result of the Covid-19 pandemic.
"The directors of Travelodge would like to thank its creditors for their support during this period and look forward to reopening and welcoming guests back to its hotels in the near future."
The proposal was revealed as Travelodge tried to find a way to hold onto the 10,000 staff it employs and the 584 hotels it runs.
All the sites closed in late March when a lockdown was enforced across the UK, a particular blow for a company that makes 70% of its profits between April and September.
The outbreak is expected to cost Travelodge around £350 million.
Tense discussions ensued with landlords. The owners of the sites accused Travelodge of trying to cut its debts at their expense by refusing to pay them for the three months to March.
The deal will see Travelodge pay £230 million in rent until the end of 2021, 62% of its usual levels.
"The CVA proposal was a critical part of Travelodge's recovery plan to manage the current Covid-19 pandemic and today's approval will ensure the company can manage its operations in the short-term as well as help position the business for success in the long-term," a spokesman for the hotel chain said.
According to real estate adviser Altus Group, Travelodge will save £35 million this financial year after the Government slashed business rates.
Travelodge's landlords have backed a deal the hotel chain hopes can safeguard around 10,000 jobs and keep its 584 hotels running.
The business said that creditors voted to approve its proposed company voluntary arrangement (CVA).
It said that the deal, which is likely to result in £144 million worth of rent cuts, will help it through the short-term challenges from the coronavirus pandemic.
"Travelodge would like to thank its creditors for their support during this period and look forward to reopening and welcoming guests back to its hotels in the near future," the business said.
Oil services giant Wood Group has warned that its earnings fell by almost a fifth as the company took a double blow from the coronavirus pandemic and a battered oil price.
Wood said that it had seen life-for-like revenue drop by around 11% in the first half of the financial year.
Meanwhile, earnings before interest, tax, depreciation and amortisation dropped 19%.
Chief executive Robin Watson said the company had gone through a time unlike any before.
"The global engineering and consultancy market is facing unique and unparalleled challenges in 2020 from Covid-19 and volatility in oil prices," he told investors in an update on Friday morning.
The price of Brent crude oil fell to below 19 US dollars (£15.30) per barrel in April after starting the year at around 64 dollars (£51.57).
Mr Watson struck a optimistic note, pointing to the 1.3 billion US dollars (£1.1 billion) in new orders it won in April and May.
Much of this has come from renewable energy projects, such as onshore wind and solar in the United States.
Activity in the renewables arms of the business rose 4% while there was a 5% decline in upstream and midstream - that is to say finding, extracting, storing and transporting oil and gas.
Despite an increased focus on renewables, Wood has also won a gas contract in Asia, a deal on an Iraqi oilfield and a contract to help the US Navy with its engineering and design works for fuel sites.
"The relative strength we are seeing in chemicals & downstream, the built environment and renewables, where we will double our revenues in 2020, is helping to mitigate the impact of challenging conditions in upstream and midstream oil and gas," Mr Watson said.
More than 40,000 employees have been working remotely during the cornavirus pandemic.
Mr Watson added: "Despite the disruption, we are continuing to successfully win and execute work, supported by our strategy of broadening the business across the global energy market and the built environment."
The company is trying to cut around 200 million US dollars (£161 million) from its costs, including reductions in headcounts, restrictions on travel costs and pay cuts for executives.
Tourism businesses across the Glasgow City Region are being encouraged to sign up to a series of webinars to help support their re-opening and recovery from the current coronavirus pandemic.
The programme is being offered by national tourism organisation VisitScotland, in partnership with Glasgow Life.
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The series of four webinars begin on Wednesday June 24 and will cover a range of topics from how tourism businesses can adapt and exploit marketing and social media in times of crisis, to understanding the concerns and demands of returning visitors, and sharing practical examples of how to address the challenges of re-opening.
It forms part of VisitScotland’s Moment for Change programme of industry and community engagement activities, which includes tailored webinars and Q&A sessions, to support businesses to develop their own strategies to rebuild and recover.
VisitScotland regional leadership director Jim Clarkson said: “The Coronavirus pandemic has had a devastating impact on the tourism industry, changing the lives of people right across the country, and inevitably attitudes to travel have changed too.
“These webinars are part of our national Moment for Change recovery programme, and they have been tailored for the specific needs of tourism businesses in the Glasgow area to help support their recovery and understand more about what visitors will be looking for when restrictions ease.
“We are collaborating with partners across the country to help businesses prepare to reopen, and we are delighted to be working with Glasgow Life on this series of webinars to help re-establish this crucial part of the city’s economy.”
Susan Deighan, of Glasgow Life said: “All of us want to see Glasgow welcoming visitors again, and it has been great to see the drive, innovation and a true spirit of collaboration among city businesses and partners working together to get our tourism industry back on its feet.
“Tourism in Glasgow has been contributing more than £660 million to the city’s economy and supporting 30,000 jobs, so we need to do all we can to support the industry through our economic recovery.
“We’re delighted to be working with VisitScotland on this programme which will bring together our hotels, attractions, bars, restaurants and shops, and give them the practical advice they need to get ready for business again.”
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