Subscribe
Login
Business Travel

Corporate Travel Giant CWT to File for Chapter 11 Bankruptcy Protection

Matthew Parsons

Photo Credit: Corporate travel agency CWT is planning a pre-packaged Chapter 11 filing to complete a complex $1.5 billion refinancing deal. Flickr / Gideon

Skift Take

The travel agency joins Hertz, Worldstrides and several airlines in taking this particular route to weather the financial storm caused by the pandemic.

Corporate travel agency CWT said it is planning a pre-packaged Chapter 11 filing in the U.S. to complete a complex $1.5 billion refinancing deal. Overall, it has proposed a restructuring agreement with creditors to allow it to offload $900 million of debt. Chapter 11 is a form of bankruptcy that involves a reorganization of a debtor's business affairs, debts and assets, and has already been adopted by several travel companies to weathe

Get unlimited access with Skift Pro.

Subscribe now for complete access to Skift.com's trusted coverage of the travel industry.

Apple Pay, Google Pay, Paypal, VISA, Mastercard, Discover, American Express

Already a subscriber? Login