Cyxtera extends timeline under bid procedures for assets

By Sarah Lizee

Olympia, Wash., Aug. 1 – Cyxtera extended the timeline under the bid procedures for its assets, according to a notice filed Monday with the U.S. Bankruptcy Court for the District of New Jersey.

As previously reported, the company filed bankruptcy to implement a dual-track restructuring support agreement through which the debtors can continue their prepetition marketing process in court for a potential sale of the business or a significant investment from a new investor, while simultaneously pursuing a debt-for-equity plan that may result in first-lien lenders owning 100% of the debtors’ reorganized equity.

Cyxtera has also received approval to pick a stalking horse bidder for the assets and provide bid protections.

The deadline to select a stalking horse bidder was moved to Aug. 16 from July 24, the final bid deadline was moved to Aug. 18 from July 31 and the auction was moved to Aug. 23 from Aug. 7.

Cyxtera is a data center firm based in Coral Gables, Fla. The company filed bankruptcy on May 4 under Chapter 11 case number 23-14853.

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