Global Cloud Xchange cancels auction; plan hearing reset for Dec. 4

By Caroline Salls

Pittsburgh, Nov. 8 – Reliance Communications Ltd. subsidiary Global Cloud Xchange (GCX) has cancelled its Nov. 8 auction, and the company’s pre-packaged plan confirmation hearing has been adjourned to Dec. 4 from Nov. 13, according to a notice filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

While it received various proposals for transactions before the bid deadline, GCX said in the notice that none of the proposals were higher or better than the reorganization transaction included in the plan.

Under the plan transaction, holders of senior secured notes claims will receive the new equity interests in reorganized GCX.

The company said that, although the auction was cancelled and it is proceeding with the reorganization transaction, it still intends to continue to consider all value-maximizing bids to determine whether those could be improved to be considered higher or better than the reorganization transaction.

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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