The recapitalisation plan provides CWT with $350 million to reinvest in the business, eliminates about half its debt and provides for all business partners and providers of goods and services to CWT to be paid in full.
Michelle McKinney Frymire, CWT’s chief executive, said: “We are pleased to have received prompt court approval of the agreement we reached with CWT’s financial stakeholders, which positions the company for long-term success and provides significant financial resources to further grow and develop our business.”
The funds will also allow CWT to invest $100 million in the myCWT travel management platform.
