Journey administration firm CWT is getting ready a ‘prepackaged’ Chapter 11 chapter submitting in the USA to push via a just lately introduced monetary restructuring plan.
The TMC stated it’s taking steps to implement its beforehand introduced settlement with its monetary companions “that may considerably strengthen our monetary place, present substantial liquidity and cut back our debt by roughly 50 p.c.”
CWT in a press release stated: “We plan to make use of a ‘pre-packaged’ court-supervised course of to implement the settlement on an expedited foundation within the coming weeks whereas we proceed working usually. We sit up for shifting forward as a essentially stronger [business].
“We have already got overwhelming assist for the settlement from our monetary stakeholders representing 100% of our financial institution group and holders of over 90 p.c of our excellent secured debt.”