Corporate Travel Giant CWT to File for Bankruptcy Protection in the U.S.

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.

CLICK HERE FOR FULL STORY
You may also like
Emerald Offers Dedicated Family River Cruises in 2023 with Half-Off 2nd Cabin
Emerald Cruises is responding to requests for multi-generational river cruising with 2 dedicated family sailings in Europe this JUL. In addition ...
Embraer E195-E2
Porter Airlines Debuts Coast-to-Coast Service with First YYZ-YVR Flights
With its new Embraer jets, Porter has flown for the first time to the West Coast, with more inaugural flights out ...
Westin Ups the Ante on its Wellness Gear Lending Program
Pack light and stay motivated. That's the message from Westin Hotels & Resorts as it revamps its gear lending program to ...
Flight Centre Launches First-Ever Cruise Campaign and Creates Dedicated Cruise Specialist Team
Flight Centre Travel Group has revealed that it's seeing such demand for cruise bookings, it has created a dedicated Cruise specialist ...
Why the Windy City Keeps Winning Awards
For six years in a row, Chicago has been voted the best big city in the U.S. In a recent interview ...

Leave a Reply