CWT secures approval for financial restructuring

cwt secures approval for financial restructuring

Sumary of CWT secures approval for financial restructuring:

  • Business travel giant CWT has gained approval for a financial overhaul first mooted in September.
  • Under the plans, the company will receive $350 million in fresh funding as it battles to overcome a slowdown in travel caused by the Covid-19 pandemic.
  • The decision comes after Minneapolis-based CWT filed for Chapter 11 bankruptcy protection in order to push through the restructuring.
  • The plan agreed by a court on Friday provides the company with the new equity to reinvest and enables all business partners and other providers of goods and services to CWT to be paid in full.

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