CWT has revealed it will invest US$100 million in the myCWT travel management platform as it moves forward to implement its recapitalisation plan.
That plan today was approved (“confirmed”) by a court in an expedited legal process with the overwhelming support of CWT’s financial stakeholders.
The recapitalisation plan provides CWT with US$350 million of new equity capital to reinvest in the business, eliminates approximately half of the Company’s US$1.6 billion debt, and provides for all business partners and other providers of goods and services to CWT to be paid in full.
Michelle McKinney Frymire, CWT’s Chief Executive Officer, commented, “Having reached this important milestone, we are now able to move beyond the pandemic and accelerate investments that create innovative programmes and industry-leading experiences, including an enhanced myCWT platform.”
CWT’s initial $100 million investment in myCWT and its product offering, including the further enhancement of its sustainable proposition, will be focused on augmenting CWT’s existing omnichannel experience.
This will include expanding CWT’s breadth and depth of its omnichannel content, travel comparison capabilities, analytical reporting, and choice and availability of sustainable travel solutions to further enhance the point-of-sale experience for travellers and carbon footprint details to enable better-informed decision-making. Additional details about CWT’s inves
