CWT Recapitalization Plan

Goodmans LLP acted for CWT, the Business-to-Business-for-Employees (B2B4E) travel management platform, in connection with its recapitalization plan.

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.

This deal is believed to be the first accelerated Chapter 11 process to take place with a cross border element.