Corporate travel agency CWT said it is planning a pre-packaged Chapter 11, a form of bankruptcy protection, filing in the U.S. to complete a USD $1.5b refinancing deal. Chapter 11 involves the reorganization of a debtor’s business affairs, debts and assets, and Skift notes that several other travel companies have adopted this to weather COVID-19 financial issues. Overall, CWT has proposed a restructuring agreement with creditors to allow it to offload USD $900m of debt. “We plan to use a ‘pre-packaged’ court-supervised process to implement the agreement on an expedited basis in the coming weeks while we continue operating normally. We look forward to moving ahead as a fundamentally stronger company,” a spokesperson for CWT said.
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