Back to news home Back arrow

CWT takes next step to implement recapitalization plan

November 11, 2021

CWT logo

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.

About CWT

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

This press release contains “forward-looking statements” related to future events. Forward-looking statements contain words such as “expect,” “anticipate,” “could,” “should,” “intend,” “plan,” “believe,” “seek,” “see,” “may,” “will,” “would,” or “target.” These forward-looking statements reflect the Company’s current intentions, expectations or beliefs. All forward looking statements, including discussions of strategy, plans, objectives, goals and future events or performance, involve risks and uncertainties. While the Company believes these statements to be reasonable, they are merely estimates or predictions and cannot be relied upon. The Company cannot assure you that future results will be achieved. When relying on forward looking statements, you should carefully consider the risk factors and other uncertainties and events, especially in light of the political, economic, social, operational and legal environment in which the Company operates. Such forward looking statements speak only as of the date on which they are made. Accordingly, the Company does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. The Company does not make any representation, warranty or prediction that the results anticipated by such forward looking statements will be achieved, and such forward looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely scenario. These cautionary statements qualify all forward looking statements attributable to the Company or persons acting on the Company’s behalf.


Julian Walker
Head of External Market Communications and PR



Media Enquiries:

If you're a journalist looking for assistance with a media query, we're here to help.

Contact us at and one of the team will get back to you as soon as possible.