Only a day after the company filed its petition, a U.S. bankruptcy court in Texas Friday approved travel management company CWT’s exit from Chapter 11 bankruptcy. According to Business Travel News, the approval from the court “appears to set CWT on a course to complete the financial recapitalization process it announced in September.” CWT said in a statement that its plan had "the overwhelming support of CWT’s financial stakeholders" and would eliminate about half of its existing debt. In SEP, the company reported a debt burden of USD $1.5 billion.
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