CWT Emerges From Bankruptcy With $100 Million to Invest in Business Travel Tech
Skift Take
Corporate travel agency CWT exited bankruptcy on Friday, at the same time pledging to heavily invest in technology — a highly strategic move from its CEO and new paymasters as its rivals start to consolidate.
The court in Dallas, Texas, swiftly approved CWT’s recapitalization plan, just one day after it filed for Chapter 11 protection in fact.
Hear from Michelle McKinney Frymire, the CWT of CEO, at Skift Aviation Forum on November 17
The net result is that the agency has now eliminated about half its $1.6 billion debt, while it gains $350 million of new equity capital to support strategic initiatives. There are also new owners, in the form of investors who now control the firm after the departure of the Carlson family.
The company also pledged to invest $100
