November 17, 2021
CWT, the Business-to-Business-for-Employees (B2B4E) travel management platform, announced it has taken the next step to implement its previously announced recapitalization plan. CWT initiated a legal process in the United States, which it expects to complete on an expedited basis due to the overwhelming support of its financial stakeholders. The recapitalization plan provides CWT with US$350 million of new equity capital to reinvest in the business, eliminates approximately half of the company’s debt, and provides for all business partners and other providers of goods and services to CWT to be paid in full.
Latham & Watkins LLP represented the agent under CWT’s super-senior revolving credit facility with a cross-border team led by New York partner Adam Goldberg and London partners Manoj Bhundia and James Chesterman, with associates Brett Neve, Theon Chalklen, Mohini Rarrick, and Whit Morley.