Press Releases

GCX Announces Confirmation of Its Plan of Reorganization, Clearing the Way for Exit from Bankruptcy

By December 5, 2019 No Comments
Company to emerge as a financially independent company, ready to pursue accelerated growth and development

NEW YORK, 4 December 2019: Global Cloud Xchange (“GCX” or the “Company”) today announced that the United States Bankruptcy Court for the District of Delaware has confirmed the Company’s Plan of Reorganization (the “Plan”), clearing the way for GCX to successfully complete its Chapter 11 financial restructuring.

Upon its emergence from Chapter 11 following regulatory approval, GCX will be an independent company backed by the strong ownership of its existing senior secured noteholders. The Company will have reduced its debt by $150 million and gained access to new working capital to further its strategic plan for the benefit of its employees, customers and business partners.

Additional information about GCX’s restructuring is available via the Company’s restructuring website, https://cases.primeclerk.com/gcx.

GCX is advised in its restructuring by Lazard, Paul Hastings LLP and FTI Consulting, Inc.

ABOUT GLOBAL CLOUD XCHANGE

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 leading edge next generation Enterprise solutions to more than 160 countries globally across its Cloud Delivery Network.

For more information, please contact:

GCX:

Lorain Wong
lwong@globalcloudxchange.com
+852 2848 0075

Lazard:

Richard Stables
richard.stables@lazard.com
+44 (0) 20 7187 2000

Ken Ziman
ken.ziman@lazard.com
+1 (212) 632 6000

FTI Consulting:

Michael Katzenstein
mike.katzenstein@fticonsulting.com
+1 (212) 651-7169

Don Harer
don.harer@fticonsulting.com
+1 (312) 622-2932

Paul Hastings:

Chris Dickerson
chrisdickerson@paulhastings.com
+1 (312) 499-6045

Todd Schwartz
toddschwartz@paulhastings.com
+1 (650) 320-1883