Plan supported by overwhelming majority of financial stakeholders
MINNEAPOLIS, 11 November, 2021 – CWT, the Business-to-Business-for-Employees (B2B4E) travel management platform, today announced it has taken the next step to implement its previously announced recapitalization plan. CWT initiated a legal process in the United States, which it expects to complete on an expedited basis due to the overwhelming support of its financial stakeholders. The recapitalization plan provides CWT with $350 million of new equity capital to reinvest in the business, eliminates approximately half of the Company’s debt and provides for all business partners and other providers of goods and services to CWT to be paid in full.
CWT’s recapitalization plan has the support of 100% of its bank group and holders of over 90% of the Company’s outstanding secured debt.
Kirkland & Ellis LLP is serving as legal adviser, Houlihan Lokey is serving as financial adviser, AlixPartners LLP is serving as restructuring adviser and Shearman & Sterling LLP is serving as corporate finance counsel to CWT in connection with the recapitalization process. Stroock & Stroock & Lavan LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal advisors and Rothschild & Co. and Evercore are serving as financial advisors to groups of CWT's noteholders.
CWT is a Business-to-Business-for-Employees (B2B4E) travel management platform. Companies and governments rely on us to keep their people connected – anywhere, anytime, anyhow – and, across six continents, we provide their employees with innovative technology and an efficient, safe, and secure travel experience.
Forward Looking Statements
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