Debt-Laden CWT Is In Talks On Financial Restructuring As Big Company Travelers Remain On The Sidelines

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 . . .

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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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