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.

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