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 steady stream of sustainability-related announcements this year became something of a deluge from all corners last month. It’s not only travel suppliers looking to enhance their green credibility. In growing numbers, corporate buyers and program managers appear ready to walk the walk. Click through to read about the latest corporate travel cutbacks from green-minded…
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…
What some once saw as largely penny-pinching paperwork, pre-trip approval now is a crucial component for assessing risk and determining how best to accomplish missions. It’s also helping to bring sustainability to the fore. Increasingly, organizations apply the process on all proposed trips. More also scrutinize trips before travelers book. Who does the approving is changing,…
American Express Global Business Travel continues to charge clients an extra $10 for bookings made with Southwest Airlines even though the carrier expanded its participation in global distribution systems. According to the world’s largest travel management company, a substantial number of Southwest fares and related services that clients want require extra work. Officials at the…
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