Travel management company CWT is preparing a 'prepackaged' Chapter 11 bankruptcy filing in the United States to push through a recently announced financial restructuring plan.
The TMC said it is taking steps to implement its previously announced agreement with its financial partners "that will significantly strengthen our financial position, provide substantial liquidity and reduce our debt by approximately 50 percent."
CWT in a statement said: “We plan to use a 'pre-packaged' court-supervised process to implement the agreement on an expedited basis in the coming weeks while we continue operating normally. We look forward to moving ahead as a fundamentally stronger [business].
"We already have overwhelming support for the agreement from our financial stakeholders representing 100 percent of our bank group and holders of over 90 percent of our outstanding secured debt."