September 16, 2019 / 10:33 PM / 3 months ago

Global Cloud Xchange enters Ch. 11, has deal to cut $150 mln in debt

Telecommunications company Global Cloud Xchange, a subsidiary of India’s Reliance Communications Ltd, sought bankruptcy protection on Sunday with a prepackaged plan to eliminate $150 million in bonds after failing to refinance the debt.

Chief Restructuring Officer Michael Katzenstein in a filing in U.S. Bankruptcy Court in Delaware said GCX has the support of just over three-quarters of holders of its notes for a plan to pursue a Chapter 11 reorganization after they and other potential lenders declined to refinance the debt.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2lQG2MX

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below