{"id":113725,"date":"2021-09-16T11:42:41","date_gmt":"2021-09-16T09:42:41","guid":{"rendered":"https:\/\/www.voyages-d-affaires.com\/?p=113725"},"modified":"2021-09-23T14:04:33","modified_gmt":"2021-09-23T12:04:33","slug":"cwt-recapitalisation-partners","status":"publish","type":"post","link":"https:\/\/www.voyages-d-affaires.com\/en\/cwt-recapitalisation-partners","title":{"rendered":"CWT recapitalised thanks to its financial partners"},"content":{"rendered":"<div class=\"vapo-snippet automatic\">\n<p>CWT has announced that it has concluded its <strong>recapitalisation<\/strong> with its main financial partners, notably Barings LCC. Partners who will become de facto \"\u00a0<em><strong>the<\/strong> <strong>new owners<\/strong> majority shareholders of CWT<\/em>\" said Michelle McKinney Frymire, CEO of the business travel agency. The deal is expected to add $350 million of equity to the company.<\/p>\n<p>At the same time, CWT's debt of $1.5 billion was restructured in order to strengthen TMC's financial position, but also to ensure payment of commercial partners and suppliers and, ultimately,...<\/p>\n<\/div>\n<div class=\"vapo-content\" style=\"display:none\"><p>CWT has announced that it has concluded its <strong>recapitalisation<\/strong> with its main financial partners, notably Barings LCC. Partners who will become de facto \"\u00a0<em><strong>the<\/strong> <strong>new owners<\/strong> majority shareholders of CWT<\/em>\" said Michelle McKinney Frymire, CEO of the business travel agency. The deal is expected to add $350 million of equity to the company.<\/p>\n<p>At the same time, CWT's debt of $1.5 billion was restructured to strengthen TMC's financial position, but also to ensure payment of commercial partners and suppliers and, ultimately, to increase CWT's liquidity. As a result, <strong>existing debt saw the elimination of almost $900 million<\/strong>625 million senior debt and a revolving credit facility.<\/p>\n<p>This plan, which will shortly be submitted to its financial partners for approval, should be finalised by the end of the year. \"\u00a0<em>This is a <strong>excellent news for CWT<\/strong> and our stakeholders. It highlights the progress we have made in positioning CWT for long-term success.<\/em>\" said Michelle McKinney Frymire, who sees the support of her partners as a mark of confidence.\u00a0<em>in the market, in CWT and in our strategy and services.<\/em>\u00a0\"<\/p>\n<p>With these new financial resources, CWT intends to move forward and continue to develop. At a time when business travel is gradually picking up in the world's major markets, the agency intends to<strong> pursuing the path of innovation<\/strong> by offering companies and their employees <a href=\"https:\/\/www.voyages-d-affaires.com\/en\/reservation-cwt-20200316.html\/\" target=\"_blank\" rel=\"noopener\">cutting-edge solutions<\/a>. In particular, the travel agency has taken advantage of the calm caused by the pandemic to accelerate a large number of projects. Among the improvements made for the benefit of travellers, CWT highlights algorithmic search applications, an omnichannel experience, improved digital hotel booking and refined data analysis.<\/p>\n<\/div>\n<div class=\"vapo-widget\"><\/div>","protected":false},"excerpt":{"rendered":"<p>CWT has concluded its recapitalisation with its financial partners, who will become the new owners of the business travel agency.<\/p>","protected":false},"author":19,"featured_media":113729,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[77],"tags":[2067],"type-darticle":[52],"n_magazine":[],"class_list":["post-113725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-agences","tag-tmc","type-darticle-breve","vapo-premium"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.9 (Yoast SEO v25.9) - 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