Business Travel Firm CWT Plans Bankruptcy Filing to Cut Debt

Business travel firm CWT said it will file for bankruptcy in a pre-arranged deal to enact a restructuring agreement with creditors that will allow it to shed around $900 million of debt.

“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,” a representative for the company said in a statement to Bloomberg.

Earlier this month, the company reached a restructuring agreement with creditors that will let it cut debt while receiving an equity infusion from existing investors.

Firms including Barings LLC will add $350 ...