Travel management company CWT is preparing a ‘prepackaged’ Chapter
11 bankruptcy filing in the United States to push through a recently announced financial
restructuring plan.
The TMC said it is taking steps to implement its previously
announced agreement with its financial partners “that will significantly
strengthen our financial position, provide substantial liquidity and reduce our
debt by approximately 50 per cent”.
A statement provided by CWT said: “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
[business].
“We already have overwhelming support
for the agreement from our financial stakeholders representing 100 per cent of
our bank group and holders of over 90 per cent of our outstanding secured debt.”