One of the largest private undersea cable owners and cloud service provider Cloud xChange is being brought back from death.
Service provider Global Cloud xChange filed for bankruptcy and is now in the process of restructuring as related bankruptcy court accepted the reorganization efforts and greenlighted the recovery process. The court, namely United States Bankruptcy Court for the District of Delaware, confirmed Global Cloud Xchange’s Plan of Reorganization, allowing the Cloud xChange to go on with their Chapter 11 financial restructuring efforts.
GCX will hopefully emerge from Chapter 11, following regulatory approval, as an independent company. After the court decision, the company will have reduced its debt by 150 million USD and secured more capital to go on with their restructuring.