(Bloomberg) -- An investment company backed by billionaire banker Joseph Safra is considering a takeover bid for airport foreign exchange provider Travelex Holdings Ltd, the Mail on Sunday reported, citing financial industry sources.
The Safra bid comes after Finablr-owned Travelex appointed PWC to find a buyer for the unit. On April 30, Finablr disclosed that its debt burden stood at around $1.3 billion, “materially above” the levels of indebtedness previously given to the board. Other potential bidders include Marlin Equity Partners, an investment firm based in Los Angeles, the newspaper also reported.
Read more: Travelex Holdings to Seek Offers for Travelex Group
The company has also been hit by the coronavirus pandemic as it relies on foreign exchange footfall at airports. Credit rating provider S&P Global Ratings downgraded Travelex to Selective Default from CC, after the company missed interest payment on its 360 million-euros ($407 million) senior secured notes on May 15 and entered a 30-day grace period, according to a statement.
J Safra Sarasin and Marlin Equity Partners did not return the Mail on Sunday’s calls for comment.
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