Global Cloud Xchange’s non-regulated businesses, representing a vast majority of the global network and operations, emerged from the Chapter 11 process. The company said its regulated businesses are expected to emerge from bankruptcy later this year following receipt of regulatory approval. Following the Chapter 11 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.
“I, along with the rest of the GCX management team, am looking forward to the completion of our financial restructuring process so we can fully focus on our strategic direction and future opportunities,” said Rory Cole, Interim CEO of GCX. “We are completing this process having achieved all of the objectives we set out, well positioned to build on our strategic plan and become even more competitive in our industry. GCX is emerging as a leading provider of network services in one of the fastest growing markets in the world that is seeing significant growth in the demand for data services. We are emerging with a strong business, ready to capitalize on this growth and the exciting opportunities ahead.”
GCX owns one of the world’s largest private undersea cable system spanning more than 68,000 route kms.
Global Cloud Xchange names interim CEO
Global Cloud Xchange appointed Rory Cole as interim CEO, replacing Bill Barney, who is leaving to pursue other professional opportunities.
Cole has served as Chief Financial Officer of GCX since 2014.
The leadership transition comes after the confirmation of the company’s Chapter 11 Plan of Reorganization.
“Rory is a trusted and visionary leader, who has demonstrated a proven ability to guide companies to their next stage of growth and evolution – both as part of the GCX team and in his prior roles transforming large, international telecommunications providers,” said Chris Mallon, Chairman of the Board at GCX. “We are confident Rory is the right person to lead GCX as we conduct the search for a permanent CEO. The GCX Board is thankful to Bill for his leadership, and we wish him well in his future endeavours.”
Cole previously served as the Chief Operating Officer of RCom’s Submarine Cable and Voice business units, as Chief Financial officer of MCI EMEA, a $3.5 billion division of MCI/Worldcom, and as Chief Operating Officer for Verizon’s 85-country International business unit.
Independent Global Cloud Xchange to emerge from bankruptcy
The United States Bankruptcy Court for the District of Delaware confirmed Global Cloud Xchange’s Plan of Reorganization, clearing the way for the company to successfully complete its Chapter 11 financial restructuring.
GCX will emerge from Chapter 11. following regulatory approval, as an independent company backed by the strong ownership of its existing senior secured noteholders. Through Chapter 11, the company will have reduced its debt by $150 million and gained access to new working capital to further its strategic plan.
