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Mon, 15 November 2021

Court Approves CWT's Recapitalization Plan

(15 Nov 2021)  CWT has unveiled plans to invest $100 million in the myCWT travel management platform as it moves forward to implement its previously announced recapitalization plan.

That plan today was approved by a court on Friday, in an expedited legal process with the overwhelming support of CWTs financial stakeholders.

The recapitalization plan provides CWT with $350 million of new equity capital to reinvest in the business, eliminates approximately half of the companys debt and provides for all business partners and other providers of goods and services to CWT to be paid in full.

Michelle McKinney Frymire, CWTs Chief Executive Officer. Click to enlarge.
Michelle McKinney Frymire, CWT's CEO

Michelle McKinney Frymire, CWTs Chief Executive Officer, said, We are pleased to have received prompt court approval of the agreement we reached with CWTs financial stakeholders, which positions the company for long-term success and provides significant financial resources to further grow and develop our business.

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. 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.

On behalf of the leadership team, I thank all of our CWT colleagues for continuing to perform at the highest level despite the challenges created by the pandemic. I am tremendously proud of the many improvements we have already implemented, laying a strong foundation for our future. I also want to thank our financial stakeholders for their continued support and confidence in CWT, our strategy and services, and, most of all, our great people.

Key terms of the recapitalization plan approved, include:

- Adding $350 million of new equity capital into the business;

- Eliminating approximately half of CWTs $1.6 billion in debt;

- Providing CWT with substantial long-term liquidity;

- Providing for CWTs financial stakeholders to become the companys new owners; and

- Providing for all business partners and other providers of goods and services to CWT to be paid in full.

The companys initial $100 million investment in myCWT will be focused on augmenting CWTs 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.

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