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SPi World News 00:58:07 GMT Monday 16th September 2019

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Latest News

Global Cloud Xchange Announces Plan to Secure Financial Future

Global Cloud Xchange via Globe Newswire 00:14 GMT Monday 16th September 2019

NEW YORK, Sept. 15, 2019 (GLOBE NEWSWIRE) -- Global Cloud Xchange (“GCX” or the “Company”) today announced a pre-packaged Plan of Reorganization (the “Plan”) that will support its long-term growth and development by reducing bond debt by $150 million, providing a permanent capital structure that includes working capital facility and transitioning the business to new ownership. The Company has initiated a voluntary case under Chapter 11 of the United States Bankruptcy Code to effectuate the Plan while continuing to serve its customers as usual. Upon emergence from this process, the Company expects to be well-positioned to aggressively pursue its business plan independent of the overhang caused by its corporate parent’s challenges.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 l...

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