Global Cloud Xchange Successfully Completes Financial Restructuring Following Regulatory Approvals
LONDON–(BUSINESS WIRE)–Global Cloud Xchange (“GCX” or the “Company”) today announced that effective 31 December 2020, the Company’s remaining U.S. regulated businesses and non-U.S. entities have successfully emerged from the Chapter 11 bankruptcy process following receipt of regulatory approvals. This completes the financial restructuring process of all the Company’s business entities and follows the prior announcement of emergence from bankruptcy of its non-regulated businesses, which represented a vast majority of the global network and operations, on 15 April 2020.
Through the Company’s Plan of Reorganization, the Company reduced debt and gained a more robust capital structure with new financing and ownership to support long-term growth. This provides the Company with a platform to accelerate the introduction of new innovative connectivity solutions to its customers through automation and to drive the adoption of an end-to-end digital experience. In addition, the financial restructuring better positions GCX as a forward-driven enterprise with the ability to generate significant value for its shareholders.
“In completing the financial restructuring process, GCX reaches a significant milestone, emerging as an energized future-focused company offering new solutions for its customers,” said Carl Grivner, CEO of GCX. “During the process, there has been no impact on the interactions between GCX and its customers nor any interruptions in the services the Company provides. In fact, we have successfully added exciting new partnerships and customers throughout this process. As GCX leaps forward, unleashing its new strategy, we believe our significant investments in technology and talent will drive our company into an exciting new era of growth while providing our customers with simplicity, speed, and security. It’s an exciting time to be a GCX customer.”
Jim Ousley, Chairman of Global Cloud Xchange, added, “This is an important day for GCX as we complete our Plan of Reorganization, and strategically move ahead as a stronger company with the agility to succeed. As a result of full emergence, we are better positioned to capitalize on many of the opportunities we see in our business. I, along with the rest of the GCX management team, are confident in GCX’s future and excited about all that we will be able to accomplish as we move forward.”
Additional information about GCX’s restructuring is available via the Company’s restructuring website, https://cases.primeclerk.com/gcx.
ABOUT GLOBAL CLOUD XCHANGE
Global Cloud Xchange (GCX) offers network services which 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. www.globalcloudxchange.com
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