CWT seeks creditor protection

CORPORATE travel giant CWT has confirmed it will file for Chapter 11 bankruptcy protection, as part of a recapitalisation plan to give the company “substantial long-term liquidity”.

The court-supervised process allows CWT to negotiate with creditors, with financial backers saying the plan will see business partners and suppliers paid in full.

The restructuring deal will see the company’s US$900 million debt substantially reduced, with a spokesperson confirming operations will continue as usual while the pact is implemented.

“We look forward to moving ahead as a fundamentally stronger company,” the CWT spokesperson added.