Travelodge agrees rescue package

AOL Money Staff

One of Britain's biggest budget hotel operators is set to walk away from 49 of its hotels and write off £700 million of its debts under a controversial rescue deal.

Travelodge, which owns more than 500 hotels across the UK, Ireland and Spain and employs more than 6,000 staff, said the deal will secure its long-term future and free it of much of its crippling debt burden.