As creditors voted through a restructuring deal that will offer a respite for hotel chain Travelodge, landlords raised fears that a controversial insolvency process could significantly damage the commercial property industry. Last month landlords backed a 'reduce it or lose it' creditors voluntary arrangement (CVAs) with the budget hotel group which reduced rents on nearly a third of its sites as it struggled with more than £1 bn of secured and unsecured debt. But Liz Peace, chief executive of the British Property Federation said: 'Aside from how such a strong brand got into such a predicament, this CVA also raises further questions about the insolvency process and the impact it has on non-debt related creditors.'
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