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.
GCX owns one of the world’s largest private undersea cable system spanning more than 68,000 route kms.
