Latham & Watkins Advises on CWT Restructuring

A cross-border team advised on the restructuring consummated through an extraordinary one-day prepackaged Chapter 11 case under which the revolving lenders received a full recovery.

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.

Notice: We appreciate your interest in Latham & Watkins. If your inquiry relates to a legal matter and you are not already a current client of the firm, please do not transmit any confidential information to us. Before taking on a representation, we must determine whether we are in a position to assist you and agree on the terms and conditions of engagement with you. Until we have completed such steps, we will not be deemed to have a lawyer-client relationship with you, and will have no duty to keep confidential the information we receive from you. Thank you for your understanding.