Press Releases

Global Cloud Xchange Announces Plan to Secure Financial Future

By September 16, 2019March 9th, 2021No Comments
Company initiates voluntary, pre-packaged Chapter 11 restructuring with support from more than 75 percent of lenders.
Proposed plan of reorganization positions the Company to aggressively pursue growth and development with $150 million in bond debt reduction, new working capital financing and strong new ownership.


NEW YORK, 15 September 2019: 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 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.

Customers, suppliers and employees should expect to work with all GCX entities as usual throughout the Chapter 11 process. The Plan does not contemplate any changes in business arrangements or activities for any GCX subsidiary, and according to the terms of the Plan, all trade/vendor claims will be paid in full. GCX has also filed the customary motions as part of its Chapter 11 case to compensate employees as usual, maintain its usual programs for customers and partners, and otherwise operate its business as usual.

“We appreciate the strong collaboration with our lenders, which has resulted in a Plan of Reorganization that allows us to honor our commitments to employees, customers and suppliers while also securing a financially strong future for our business,” said Bill Barney, Chairman and CEO of GCX. “We are a fundamentally strong company, providing mission-critical, expertly managed network solutions for telecommunications, global enterprise and OTT customers. The steps we are announcing today will allow us to continue to build on our strengths and emerge as an even stronger employer and business partner.”

Entities included in the Chapter 11 process are borrowers or guarantors under the Company’s senior secured notes. Additional information is available via the Company’s restructuring website,

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



Global Cloud Xchange (GCX) offers network services that power digital transformation for enterprises, new media providers, and telecoms carriers. We cover all aspects of cloud-centric connectivity from managed SD-WAN and hybrid networks, to direct Cloud connections and 100 Gbps+ waves. With a pedigree going back 30+ years, GCX are experts in providing connectivity throughout the Emerging Markets Corridor into Asia via the vast GCX subsea network (the world’s largest private submarine cable network), with extensions available into more than 200 countries worldwide.

For more information, please contact:


Richard Stables
Tel: +44 (0) 20 7187 2000

Ken Ziman
Tel: +1 (212) 632 6000

FTI Consulting:
Michael Katzenstein
Tel: +1 (212) 651-7169

Don Harer
Tel: +1 (312) 622-2932

Paul Hastings:
Chris Dickerson
Tel: +1 (312) 499-6045

Todd Schwartz
Tel: +1 (650) 320-1883