Business Travel Firm CWT Is Preparing a Prepackaged Bankruptcy

Family-owned business travel agency CWT is preparing a prepackaged bankruptcy filing to complete a restructuring deal that would hand control of the company to creditors, according to people familiar with the matter.

The prepackaged bankruptcy is expected to be completed in a relatively short time span, potentially over a few days, and could be filed as soon as the end of October, these people said, after CWT corralled support from creditors holding more than 90% of its debt.

Minneapolis-based…

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