U.S. Bankruptcy Judge Marvin Isgur on Friday afternoon confirmed the Chapter 11 plan of Carlson Travel, parent of CWT. Filed Thursday in the Bankruptcy Court for the Southern District Of Texas, the prepackaged bankruptcy case enjoyed expedited treatment for good reason, according to Isgur. The confirmation allows CWT to complete a restructuring that provides it…
CWT parent Carlson Travel Inc. is anticipating a return to positive cash flow in 2024 when the travel management company is back to 70 percent of its 2019 booked dollar volume. Next year, the value of transactions processed would be at 40 percent relative to 2019, followed by 57 percent in 2023, according to projections…
To execute its recapitalization, CWT expects to file for a prepackaged Chapter 11 bankruptcy reorganization as soon as this month. Legal experts see signs supporting the company’s view that it will emerge on solid footing. In a “prepack,” a company aims to quickly fulfill the bankruptcy legalities, achieve approvals and get back to business. A…
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…
Like all travel management companies, CWT has had a grueling year. It’s expecting more of the same until there’s a vaccine or an appreciable return to the office. This makes strategic planning challenging. Complicating matters is that not many corporate clients are good at predicting what they need during “normal” times. How do you ready…
EY is using robotic process automation to power an internal TripAdvisor-like review platform and an internal social network showing travelers which colleagues are traveling to the same places. These programs build on other ways the London-based, $35 billion multinational professional services firm uses RPA, such as reviewing bookings and challenging those who booked out of…
HRS is expanding its reach, adding services and picking up big-name clients. As it does, it steps on the toes of some travel management companies, especially the biggest players. They’re chasing the same money. For some travel program managers, the flow of supplier commissions has financial implications while the provision of HRS content has practical…
