Global Cloud Xchange seeks court approval of change to plan releases

By Caroline Salls

Pittsburgh, Feb. 6 – Global Cloud Xchange requested court approval to make “non-material” changes to its confirmed pre-packaged plan of reorganization, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

In addition, the company is asking the court to rule that the changes do not require it to re-solicit votes on the plan.

Under the proposed changes, some claims and causes of action against the Global Cloud Xchange debtors’ current and former officers and directors will not be released under the plan.

The affected claims and causes of action will instead be transferred to the liquidation trust to be established under the plan.

Global Cloud Xchange said the modification is proposed in connection with preparation for the plan effective date and ongoing discussions regarding the settlement of the separation issues concerning the outgoing chief executive officer.

The company’s senior secured noteholder group has consented to the proposed plan changes.

A hearing is scheduled for Feb. 27.

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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