Hotel chain Travelodge's landlords and creditors have backed a rescue deal, safeguarding the future of the brand and its 6,000 employees.
Creditors - including landlords across the UK - voted in favour of the plan that will see rent payments slashed across more than 100 hotels and 49 hotels offloaded to other operators.
The company voluntary arrangement (CVA) is designed to allow Travelodge to abandon poorer performing leases and freeing itself from a heavy debt burden.
A significant number of the properties are owned by millionaire Nick Leslau's investment vehicle Prestbury, which is understood to have supported the move, the Press Association reported.
Mr Leslau's property vehicle also owns Thorpe Park and Alton Towers, which he leases to Merlin Entertainment.
Bank debts of £235m will be written off and £71m will be repaid, reducing total bank debt to £329m - which will be extended until 2017.
There will be no material impact on the operational running of the business, with all suppliers expected to be paid as normal and customers experiencing no changes to bookings.
SEE MORE: Why Travelodge Is In Trouble