Company to emerge as a financially independent company, ready to pursue accelerated growth and development
NEW YORK--(BUSINESS WIRE)--Global Cloud Xchange (“GCX” or the “Company”) today announced that the United States Bankruptcy Court for the District of Delaware has confirmed the Company’s Plan of Reorganization (the “Plan”), clearing the way for GCX to successfully complete its Chapter 11 financial restructuring.
Upon its emergence from Chapter 11 following regulatory approval, GCX will be an independent company backed by the strong ownership of its existing senior secured noteholders. The Company will have reduced its debt by $150 million and gained access to new working capital to further its strategic plan for the benefit of its employees, customers and business partners.
Additional information about GCX’s restructuring is available via the Company’s restructuring website, https://cases.primeclerk.com/gcx.
GCX is advised in its restructuring by Lazard, Paul Hastings LLP and FTI Consulting, Inc.
ABOUT GLOBAL CLOUD XCHANGE
Global Cloud Xchange (GCX) offers a comprehensive portfolio of solutions customized for carriers, enterprises and new media companies. GCX owns one of the world’s largest private undersea cable system spanning more than 68,000 route kms which provides a robust Global Service Delivery Platform. With connections to 40 key business markets worldwide spanning Asia, North America, Europe and the Middle East, GCX delivers leading edge next generation Enterprise solutions to more than 160 countries globally across its Cloud Delivery Network. www.globalcloudxchange.com
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