Corporate Travel Management (CTM) announced it has reached binding offers with UK clients covering 86% of the £118 million (about $160 million) it owes as a result of long-running overcharging and accounting errors.

In a filing with the Australian Securities Exchange (ASX), CTM said the concluded negotiations cover 102 million British pounds (about $118.6 million) of the refund liability reported earlier this year. With these agreements, CTM will refund a total of 87 million pounds (about $117.7 million) to the affected customers, 11 million pounds (about $15 million) of which has already been paid and the balance to be refunded in stages through Sept. 30, 2027, according to the filing.

The TMC said it “continues to engage” with customers accounting for the remaining 16 million pounds (about $21.8 million) of the liability and expects those negotiations to conclude “shortly.”

The bulk of the overcharging involved the UK government, reportedly related in part to hotel contracts during the Covid-19 pandemic.

CTM has an Aug. 29 deadline to publish its audited financial results to avoid potential delisting from the ASX.  It suspended trading last year as it began the audit of its financial reporting. The TMC has said that even while it deals with these issues, it has maintained a high client retention rate and would be able to support refunds with future revenue.

Ana Pedersen, CTM’s managing director and group CEO, said in a statement that the agreements were a “major milestone” in emerging from the crisis.

These agreements, she said, “demonstrate that we can address legacy matters responsibly while continuing to deliver the high-quality service and support our customers rely on for their travel needs.”  Pedersen added, “We remain focused on completing the remaining steps required to seek reinstatement of CTM’s shares to trading on the ASX and look forward to updating shareholders on our progress.”