Business Travel Firm CWT Skips Debt Payment as Talks Begin

Cecilia Nysing

CWT, one of the world’s largest business travel managers, skipped a debt payment as it begins negotiating with creditors, according to people with knowledge of the matter.

The privately-held company, which was known as Carlson Wagonlit Travel prior to a 2019 rebrand, told its investors Wednesday that it didn’t pay interest on its $250 million third-lien notes due 2026, the people said, asking not to be identified discussing a private matter. The bonds pay 9.5% cash and 2% in-kind.

The missed coupon payment, which was due June 15, starts the clock on a 30-day grace period before a formal default. CWT is seeking to reach a deal with creditors to rework its debts in that time, the people said, though forbearance could be granted to allow talks to continue.

CWT and its bond investors are discussing options including swapping debt for equity to help the company boost its liquidity as business travel begins to resume, the people said. Certain creditors have chosen to restrict their trading and begin formal talks with the company, while others are planning to sign non-disclosure agreements in the coming days, they added.

Company's bonds slip back to trade at a discount
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