Global Cloud Xchange Announces Majority Emergence From Bankruptcy
Global Cloud Xchange Press Release
April 15, 2020
The Company’s entities unaffected by regulatory requirements, representing a vast majority of the global business, successfully complete Chapter 11 restructuring and appoint new Board of Directors
Restructuring process objectives have been achieved, including less debt, new financing and new ownership
NEW YORK: Global Cloud Xchange (“GCX” or the “Company”) today announced that its non-regulated businesses, representing a vast majority of the global network and operations, have successfully emerged from the Chapter 11 process. The regulated businesses are expected to emerge from bankruptcy later this year following receipt of regulatory approval.
Following this emergence, the Company will have achieved the objectives initially outlined for the financial restructuring process. GCX will have a stronger capital structure with reduced debt, and access to new working capital that can support its long-term growth. The Company will also be moving forward under new ownership of its senior secured noteholders with the commitment and capital to support GCX and its investment in the future.
Additionally, new Boards of Directors have been appointed for the newly incorporated holding company and principle operating company upon emergence. The Board is chaired by Jim Ousley and includes Anja Blumert, Alan Carr and Chris Mallon.
Jim Ousley (Chairman) is currently serving as the senior operations partner with CVC Capital Partner’s Growth Fund and has more than 40 years of global technology experience in hardware and software platforms, software and managed services, and communications. Previously, Jim served as the Chairman and CEO of the Savvis/CTL Data Services Group. His previous chairman roles include Pacnet Communications, BellMicro Products, Inc., Actividenty, Inc., and DataLink and board roles include Peak 10, Integra, CalAmp, Icelero, Norstan, Memorex/Telex, and Magnetic Peripherals Inc.
Anja Blumert (Director) is an independent senior advisor in M&A and capital markets with a focus on TMT and emerging markets. Ms. Blumert previously served as Head of M&A at Millicom International Cellular SA, TMT investment professional at Warburg Pincus International LLC and as investment banker with UBS. Anja is currently a board member of BIMA and most recently served on the board of Helios Towers Ltd.
Alan Carr (Director) is the managing member and CEO of Drivetrain LLC, an independent fiduciary service provider and serves on several other boards of directors in diverse industries and throughout the world. Mr. Carr previously served as a managing director at Strategic Value Partners and a corporate restructuring attorney with Skadden, Arps, Slate, Meager & Flom. Mr. Carr is also currently serving on the board of the regulated entities that remain in Chapter 11 bankruptcy and will continue to do so.
Chris Mallon, who has most recently served as the Head of European Corporate Restructuring Practice of Skadden, Arps, Slate, Meagher & Flom LLP and was previously a partner and Head of Business Finance and Restructuring in the London office of Weil, Gotshal & Manges. Mr. Mallon is also currently serving on the board of the regulated entities that remain in Chapter 11 bankruptcy and will continue to do so.
Customers, suppliers and employees should expect to continue to work with all GCX entities as normal while the regulated businesses complete their emergence process and following the full completion of the financial restructuring.
“I, along with the rest of the GCX management team, am looking forward to the completion of our financial restructuring process so we can fully focus on our strategic direction and future opportunities,” said Rory Cole, Interim CEO of GCX. “We are completing this process having achieved all of the objectives we set out, well positioned to build on our strategic plan and become even more competitive in our industry. GCX is emerging as a leading provider of network services in one of the fastest growing markets in the world that is seeing significant growth in the demand for data services. We are emerging with a strong business, ready to capitalize on this growth and the exciting opportunities ahead.”
Additional information about GCX’s restructuring is available via the Company’s restructuring website, https://cases.primeclerk.com/gcx.
GCX is advised in its restructuring by Lazard, Paul Hastings LLP and FTI Consulting, Inc.
ABOUT GLOBAL CLOUD XCHANGE
Global Cloud Xchange (GCX) offers network services which power digital transformation for enterprises, new media providers, and telecoms carriers. We cover all aspects of cloud-centric connectivity from managed SD-WAN and hybrid networks, to direct Cloud connections and 100 Gbps+ waves. With a pedigree going back 30+ years, GCX are experts in providing connectivity throughout the Emerging Markets Corridor into Asia via the vast GCX subsea network (the world’s largest private submarine cable network), with extensions available into more than 200 countries worldwide.
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