Bankrupt Undersea Cable Firm Ditches Ch. 11 Sale Plans

Law360 (November 8, 2019, 8:30 PM EST) -- Bankrupt undersea cable company Global Cloud Xchange announced Friday it has vacated a sale process in its Delaware Chapter 11 and is moving forward with plans to emerge as a standalone company when it completes its reorganization.

In a news release, Global Cloud said it plans to seek approval in December for its debt-for-equity plan, which is supported by more than 75% of its lenders and will slash $150 million of its debt load.

After completing an initial phase to seek a potential buyer, the company said it decided to terminate the sale process and move forward with its plan to...

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