Business Travel Firm CWT to Cut Debt in Restructuring Deal (1)

CWT, a company that arranges business travel and meetings that was hit hard by the pandemic, reached a restructuring agreement with creditors that would allow it to shed around $900 million of debt and receive an equity infusion from existing investors.

The plan, which is being supported by holders of 90% of the company’s debt, would replace $1.5 billion of CWT’s existing obligations with $625 million of new first-lien securities and an undrawn credit line, according to a statement.

Existing investors including Barings LLC will also add $350 million of new equity to the business in return for a majority ...