Global Cloud Xchange Confirms Plan of Reorganization

Global Cloud Xchange (“GCX”) has 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, the company said.

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 USD 150 million and gained access to new working capital to further its strategic plan for the benefit of its employees, customers and business partners.

Global Cloud Xchange (GCX) offers a comprehensive portfolio of solutions customized for carriers, enterprises and new media companies.