The descendants of Curt Carlson will no longer serve on CWT's board of directors under a proposed financial restructuring, announced Wednesday, to repair the travel management company's balance sheet and dilute the family's stake.

Holders of over 90 percent of CWT's outstanding debt agreed to a deal that would make majority owners of a handful of institutional investors, including MassMutual subsidiary Barings LLC and New York Life company MacKay Shields. None of the investors operates in the travel industry, according to CWT CEO . . .

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