CWT exits bankruptcy proceedings

Tuesday, Nov 15, 2022 0

Travel management firm CWT has entered and exited Chapter 11 bankruptcy in record time.

A US court judge approved the TMC’s plan to exit only a day after filing for Chapter 11.

It was a pre-packaged Chapter 11 filing with creditors’ approval already secured.

"We are pleased to have received prompt court approval of the agreement we reached with CWT’s financial stakeholders, which positions the company for long-term success," said CWT CEO Michelle McKinney Frymire.

The CWT pre-arranged restructuring sees itsexisting $1.5 billion debt reduce by about half and would raise an additional $350 million in new equity.

It also announced $100 million in product development.

"Having reached this important milestone, we are now able to move beyond the pandemic and accelerate investments that create innovative programs including an enhanced myCWT platform," McKinney Frymire said.

The reorganisation sees the Carlson family relinquish control of the business.

profileimage

TravelMole Editorial Team

Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.


Most Read

UK Travel industry is left off the Chancellors Christmas List - We speak to UKInbound

KeeToo - A new app for booking experiences in the UK

The New TravelMole & Partner Zone: All About

Tony Evans of TProfile talks through why his company has such an impressive clientele for tech

Phil Dickinson of Qatar Tourism talks over latest plans for tourism, sport events and MKT campaigns

How wide is the choice of accommodation and activities at the Abama Resort Tenerife?

Minister of Tourism for Barbados, Lisa Cummins, talks through post pandemic planning

Apprentices could be in your company plus a government grant to help - We speak to the Mitre Group

We take a tour of European countries with Tours by Locals

A new luxury resort in Mozambique from the Banyan Tree stable We speak to Eduardo Johnston da Silva

Husain AlHashmi of Visit Abu Dhabi talks to TravelMole at WTM21

Xavier Pascuet of Calvia, Mallorca talks through how they are building back better

Price Based Country test mode enabled for testing United States (US). You should do tests on private browsing mode. Browse in private with Firefox, Chrome and Safari