DISTRESSED DAILY: Travel Restrictions Suppress CIBT’s Recovery

KCIBT Holdingsa third-party provider of visas, passports, and immigration-related travel documentation for corporations, is at risk of triggering a liquidity shortfall within the next year if the pace of recovery for international business travel decelerates, according to S&P Global Ratings.

Headquartered in Virginia, CIBT’s business travel volumes, particularly to locations that require visas for entry, remain well below pre-pandemic levels as international travel restrictions and macroeconomic headwinds persist. On the heels of a slow recovery, S&P expects CIBT to generate a small free operating cash flow deficit in 2022 and hold $718 million of adjusted debt at …