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CWT Exits Chapter 11 Bankruptcy One Day After Filing

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A U.S. bankruptcy court judge on Friday approved travel
management company CWT’s plan to exit Chapter 11 bankruptcy, one day after the
TMC filed a petition, the company announced Friday. The court’s approval
appears to set CWT on a course to complete the financial recapitalization
process
it announced in September, including the prepackaged
Chapter 11 filing
.

CWT in a statement late Friday said its plan had “the
overwhelming support of CWT’s financial stakeholders” and would eliminate
about half of its debt.

“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,” CWT CEO Michelle McKinney
Frymire said in the Friday statement. 

RELATED: CWT’s
McKinney Frymire Leans Into Recapitalization & Recovery

CWT had prepared the prepackaged Chapter 11 bankruptcy
petition to accelerate the closing the restructuring and recapitalization deal,
and filed Thursday in a U.S. bankruptcy court in Texas. A prepackaged process
is one in which debtors and creditors agree to restructuring terms ahead of
filing for Chapter 11. The company in September said the recapitalization deal plan
would replace CWT’s existing $1.5 billion debt burden with a new first lien
debt of $625 million and a new undrawn revolving credit facility.

RELATED: CWT
Filings Illuminate Its Path Into And Out Of Chapter 11
[$ subscription]

CWT on Friday said the plan would raise $350 million of new
equity capital into its business, and announced $100 million in product
development, including enhancement of its myCWT travel management platform. 

“Having reached this important milestone, we are now
able to move beyond the pandemic and accelerate investments that create
innovative programs and industry-leading experiences, including an enhanced
myCWT platform,” McKinney Frymire said in the statement. “As business
travel continues to recover, we look forward to building on our momentum,
continuing to advance our strategic priorities for the benefit of our
customers, partners and other stakeholders, and delivering exceptional
experiences for our customers, travelers and attendees.”

The TMC said investment also would be geared toward  “augmenting CWT’s existing omni-channel
experience, enabling it to continue its pre-pandemic track record of strong
growth, and enhancing the existing sustainable solutions it provides for its customers
and their travelers,” a process that “will include expanding CWT’s
breadth and depth of omni-channel content, travel comparison capabilities,
analytical reporting and choice and availability of sustainable travel
solutions to further enhance the point-of-sale experience for travelers and
carbon footprint details to enable better-informed decision-making.”

Further details will be forthcoming, according to CWT.

RELATED: CWT
Prepares Prepackaged Chapter 11 Filing



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Bloomberg names Green ME of finance for Americas

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Rick Green

Rick Green has been named managing editor for finance in the Americas at Bloomberg News, effective July 11.

He is currently senior editor for markets at Bloomberg.

Green was previously a team leader for distressed company news. He was also corporate finance editor and a senior editor on the U.S. finance team.

Before Bloomberg, Green was assistant managing editor for business and technology at Newsday. He also worked at BusinessWeek magazine as a senior editor and at SmartMoney magazine.

 





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Liberty Steel secures time with Greensill as debt rstructuring continues

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Liberty Steel Group has entered a standstill agreement with Greensill Bank.

It pauses all enforcement actions between the South Yorkshire headquartered business and the subsidiary of the collapsed financial institution as it focuses on recovery.

Greensill Bank, part of Greensill Capital, is Liberty’s largest creditor on the business’s debt facilities, provided in 2019.

Read more:£26m British Steel Special Profiles upgrade given the go-ahead

The agreement lasts until October 31, with potential to extend until the end of the year.

Liberty said it will enable the company to develop a longer term sustainable financing structure, with detailed due diligence and information exchange continuing between the two parties.

A Liberty spokesperson said: “Today’s standstill agreement with Greensill Bank demonstrates we are getting close to a consensual debt restructuring that is in the best interests of all our stakeholders.

“We are working intensively towards a settlement with our major creditors in a timeframe which would obviate the need for a legal battle. Our core businesses continue to perform well and are operationally strong despite some economic headwinds.”

HMRC had filed then withdrew a winding up petition for Liberty earlier this year as progress with creditors was made.



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At Close of Business: Jordan Murray talks an Australian republic

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Journalist Jordan Murray discusses revived debate over the possibility of an Australian republic.



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