Corporate Travel Management (ASX:CTD) said it received binding offers from impacted customers in the UK that collectively account for 86% of a total estimated liability of 118 million pounds sterling in relation to reversed revenue for fiscal 2025 and prior year, requiring the firm to refund a total amount of 87 million pounds sterling to the relevant customers, according to a Friday Australian bourse filing.
Eleven million pounds sterling of the refund amount has already been paid, with the remaining 76 million pounds sterling to be refunded in stages over the period to Sept. 30, the company said.
The firm said it continues to engage with customers that account for the remaining 16 million pounds sterling of the total liability and expects to conclude
its settlement negotiations with these customers shortly.
It also received binding offers from certain customers to fully and finally resolve issues after it identified contractual uncertainty in a limited number of contracts entered into by CTM UK in 2025 on the basis that the firm will pay them a total of 12 million pounds sterling.
It added that it is in the final stages of discussions with lenders regarding financing to support its client remediation obligations and ongoing business requirements.