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Business Travel Firm CWT Skips Debt Payment as Talks Begin (1)

June 17, 2021, 12:48 PM

CWT, one of the world’s largest business travel managers, skipped a debt payment as it begins negotiating with creditors, according to people with knowledge of the matter.

The privately-held company, which was known as Carlson Wagonlit Travel prior to a 2019 rebrand, told its investors Wednesday that it didn’t pay interest on its $250 million third-lien notes due 2026, the people said, asking not to be identified discussing a private matter. The bonds pay 9.5% cash and 2% in-kind.

The missed coupon payment, which was due June 15, starts the clock on a 30-day grace period before a formal ...