Global Cloud Xchange gets exclusivity extension for regulated debtors

By Sarah Lizee

Olympia, Wash., March 23 – Global Cloud Xchange Ltd. received a second extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive plan-filing period was extended by 120 days through Aug. 11 and the solicitation period through Oct. 9.

As previously reported, the company’s plan of reorganization was confirmed in early December 2019.

Following the confirmation of the plan and the entry of the first order extending the exclusive periods, Global Cloud Xchange said it has been “hard at work to bring about the effective date of the plan as quickly as possible.”

Since some of the debtors are regulated telecommunication companies for which governmental agency review and approval processes are required before the plan can take effect, the company said it is working with stakeholders to execute a “two-step” emergence process.

Global Cloud Xchange said the two-step emergence will hopefully allow the non-regulated debtors to exit Chapter 11 no later than the end of March.

As a result, the company said the requested extension would apply only to the regulated debtors that remain in bankruptcy awaiting the required approvals.

Global Cloud Xchange offers a comprehensive portfolio of solutions customized for carriers, enterprises and new media companies. It is based in London. The company filed bankruptcy on Sept. 15 under Chapter 11 case number 19-12031.

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