Reliance Communications CEO steps down to focus on Global Cloud Xchange

Global Cloud Xchange (“GCX”) has announced that Bill Barney, CEO of GCX´s corporate parent Reliance Communications (“RCOM”) and Chairman & CEO of Global Cloud Xchange has resigned his RCOM role to focus full time at the helm of GCX during its corporate restructuring process, the company said.

At the time of GCX´s announcement last week, more than 75 percent of the company´s lenders have already committed their support for the Plan, which outlines the terms for a transaction through which GCX´s senior secured noteholders would become owners of the company and provide new loans to support and grow the business.

To ensure GCX maximizes value for its stakeholders in this process, the company also will use the protections and framework of Chapter 11 to undertake a sale process that welcomes additional prospective buyers. GCX expects to complete the Chapter 11 process and emerge as a stronger company within the fourth quarter of 2019, subject to all required regulatory approvals.

GCX, a subsidiary of Reliance Communications, offers a comprehensive portfolio of solutions customized for carriers, enterprises and new media companies. GCX owns the world´s largest private undersea cable system spanning more than 68,000 route kms which, seamlessly integrated with Reliance Communications´ 200,000 route kms of domestic optic fiber backbone, 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.