Global Cloud Xchange has announced that, after completing the initial phase of its previously announced sale process, the company has decided that the best way to maximize value and position its businesses for long-term growth and success is through a standalone Plan of Reorganization (the “Plan”), the company said.
Under the terms of the proposed Plan, which was first announced on 15 September 2019 with support from more than 75 percent of the company´s lenders, GCX will reduce debt by USD 150 million, access new working capital and emerge as an independent company backed by the strong ownership of its existing senior secured noteholders.
Following its decision to move forward as a standalone company, GCX has terminated the sale process. A hearing to gain the Court´s confirmation for the standalone Plan is scheduled for 4 December 2019, and the company expects to emerge from its Chapter 11 restructuring shortly thereafter.
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 edge next generation Enterprise solutions to more than 160 countries globally across its Cloud Delivery Network. www.globalcloudxchange.com