Global Cloud Xchange Announces Confirmation of Its Plan of Reorganization, Clearing the Way for Exit from Bankruptcy
Global Cloud Xchange today announced that the United States Bankruptcy Court for the District of Delaware has confirmed the Company’s Plan of Reorganization, 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.
GCX is advised in its restructuring by Lazard, Paul Hastings LLP and FTI Consulting, Inc.
source businesswire
Industry: Telecommunications
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