CWT Reports Debt-Cutting Recapitalization Actions

CWT on Thursday said that it had completed recapitalization transactions that cut its outstanding debt by more than $450 million, or about 60 percent.

Actions have included equitizing CWT’s senior notes and some shareholders providing additional incremental liquidity, which CWT said leaves it “owned by a consolidated group of investors with substantial capital bases committed to supporting the long-term growth of the business.” Besides reducing debt, the actions also have cut CWT’s interest expense and extended debt maturities, according to CWT.

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.