Global Cloud Xchange non-regulated debtors emerge from Chapter 11 case

By Caroline Salls

Pittsburgh, April 15 – Global Cloud Xchange’s plan of reorganization took effect for several “non-regulated” debtors on Tuesday, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

The debtors which have emerged from the bankruptcy cases include FLAG Telecom Development Ltd., FLAG Telecom Group Services Ltd., FLAG Telecom Ireland Network DAC, FLAG Telecom Network Services DAC, Reliance FLAG Atlantic France SAS, Reliance FLAG Telecom Ireland DAC, Reliance Vanco Group Ltd., Vanco Australasia Pty Ltd., Vanco GmbH, Vanco SAS, Vanco UK Ltd. and VNO Direct Ltd.

The notice said the plan effective date for regulated debtors GCX Ltd., which does business as Global Cloud Xchange, FLAG Telecom Network USA Ltd., Reliance Globalcom Ltd. and Vanco US, LLC will occur at a later date.

The plan was confirmed on Dec. 4.

The company said it will be an independent company upon its emergence from Chapter 11 following regulatory approval. The reorganized Global Cloud Xchange will be backed by the ownership of its existing senior secured noteholders.

Upon emergence, the company will have reduced its debt by $150 million and gained access to new working capital to further its strategic plan for the benefit of its employees, customers and business partners.

As previously reported, Global Cloud Xchange’s senior secured noteholders will become owners of the company and provide new loans to support and grow the business.

The plan does not call for any changes in business arrangements or activities for any GCX subsidiary, and all trade/vendor claims will be paid in full.

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, 2019 under Chapter 11 case number 19-12031.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.