Global Cloud Xchange (“GCX”) has announced that its non-regulated businesses, representing a vast majority of the global network and operations, have successfully emerged from the Chapter 11 process, the company said.
The regulated businesses are expected to emerge from bankruptcy later this year following receipt of regulatory approval.
Following this emergence, the company will have achieved the objectives initially outlined for the financial restructuring process. GCX will have a stronger capital structure with reduced debt, and access to new working capital that can support its long-term growth. The company will also be moving forward under new ownership of its senior secured noteholders with the commitment and capital to support GCX and its investment in the future.
Additionally, new Boards of Directors have been appointed for the newly incorporated holding company and principle operating company upon emergence. The Board is chaired by Jim Ousley and includes Anja Blumert, Alan Carr and Chris Mallon.
GCX is advised in its restructuring by Lazard, Paul Hastings LLP and FTI Consulting, Inc.
Global Cloud Xchange offers network services which power digital transformation for enterprises, new media providers, and telecoms carriers.