As it published an evaluation of CWT’s creditworthiness, Fitch Ratings on Thursday said the travel management company had “limited financial flexibility” and “a level of excess cash and revolver availability to withstand significant declines in traffic volumes” through the end of September — albeit “with minimal headroom.” CWT raised close to $400 million in debt…
[CLARIFICATIONS, March 23, 2021: BCD Travel and Sammit Khanndeparkar of Springer Nature provided additional information to help the reader’s understanding of the developments covered in this article. Firstly, while Springer in 2019 spent nearly $40 million annually on travel and entertainment in 75 countries, BCD Travel’s portion of the account represented about $11 million and 11…
Liability risks will force some companies to use strict pre-trip approval and booking channel policies for the foreseeable future, according to CWT president and CEO Kurt Ekert. “This is not leisure travel, where the consumer is making a decision for their individual pleasure,” said Ekert last week during a Teleconference. “If you’re asking somebody to…
The Travel and Tourism Advisory Board of the U.S. Commerce Department is attempting to collaborate with other U.S. federal agencies to spur development of standards and digital interoperability for traveler documentation of Covid-19 vaccinations and test results. On Wednesday, TTAB chair and CWT president and CEO Kurt Ekert outlined the effort’s goals and challenges during…
After three decades in operation, the Society of Government Travel Professionals last spring lost its tax-exempt nonprofit status. It had failed to file required Internal Revenue Service documents for three consecutive years. Sources said the organization’s board blames its former executive director, Rick Singer. SGTP last year fired his company, the now-defunct Edge Consulting, which had been…
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