End Of An Era As Carlson Family Agrees To Reduce Equity To Cut CWT’s Debt

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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Jay Campbell

Author: Jay Campbell

Jay Campbell in 2004 created travel business newsletter The Beat, in 2006 co-founded Travel Procurement magazine and in 2010 integrated them with Business Travel News. He served as editorial director until 2013. Jay made his travel industry media debut in 1993 at the Air Travel Journal of Boston while earning his undergraduate degree in journalism at Boston University.
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