CWT Travel Holdings, the global business travel and meetings solutions provider, announced it had completed recapitalization transactions “that have significantly strengthened and deleveraged its balance sheet and provide a strong financial foundation with enhanced flexibility.”

The transactions, according to the announcement, received overwhelming support beyond the required amount from CWT’s lenders, noteholders, and preferred and common equity holders. With consummation of these transactions, said the announcement, CWT has reduced its outstanding debt by over $450 million, substantially decreased its annual interest expense and extended its debt maturities.

In addition to equitizing CWT’s senior notes, certain stakeholders have also provided additional incremental liquidity. CWT is now owned by a consolidated group of investors with substantial capital bases committed to supporting the long-term growth of the business, according to the announcement.

Patrick Andersen, CEO, said the recapitalization has solidified the company’s position as one of the industry’s leading travel management companies. With a strong financial foundation and capital structure, he said, “CWT will provide best-in-class service to customers and partners, invest in technology and people, and deliver on our product road map to meet the changing landscape of business travel.”

CWT announced a recapitalization plan in September 2021 as part of a prepackaged Chapter 11 bankruptcy filing, which it exited one day after filing its petition.