CWT exits Chapter 11 bankruptcy one day after filing

A US bankruptcy court judge approved travel management company CWT’s plan to exit Chapter 11 bankruptcy, one day after the TMC filed a petition, the company announced on Friday.

The court’s approval appears to set CWT on a course to complete the financial recapitalisation process it announced in September, including the prepackaged Chapter 11 filing.

Late on Friday CWT issued a statement that said its plan had “the overwhelming support of CWT’s financial stakeholders” and would eliminate about half of its debt.

“We are pleased to have received prompt court approval of the agreement we reached with CWT’s financial stakeholders,