CWT's lenders agreed to delay the company's June interest obligations amid discussions about "the best possible financial plan for CWT," according to a company spokesperson.
CWT skipped a June 15 interest payment, as first reported the next day by Bloomberg. That kicked off a 30-day grace period before default. Unnamed sources told the outlet that "forbearance could be granted to allow talks to continue," which came to pass.
The forbearance agreement didn't stop Fitch Ratings from, on Tuesday, downgrading ratings for Carlson Travel Inc.
"The downgrades . . .