GCX confirmed yesterday that it has "successfully emerged" from its Chapter 11 bankruptcy process, initiated in 2019, as a result of the financial restructure.
The latest development concerned the firm's remaining US regulated businesses and non-US entities and followed the confirmation that GCX's non-regulated businesses emerged from bankruptcy in April 2020.
Commenting on the news, Grivner (pictured), who joined the business from Colt in July last year, said: “In completing the financial restructuring process, GCX reaches a significant milestone, emerging as an energised future-focused company offering new solutions for its customers.
“During the process, there has been no impact on the interactions between GCX and its customers nor any interruptions in the services the company provides. In fact, we have successfully added exciting new partnerships and customers throughout this process. As GCX leaps forward, unleashing its new strategy, we believe our significant investments in technology and talent will drive our company into an exciting new era of growth while providing our customers with simplicity, speed, and security.
"It’s an exciting time to be a GCX customer,” he continued.
Through its "plan of reorganisation", GCX said it reduced debt and strengthened its capital structure with new financing and ownership to support long-term growth.
Jim Ousley, chairman of Global Cloud Xchange, added: “This is an important day for GCX as we complete our plan of reorganisation, and strategically move ahead as a stronger company with the agility to succeed.
"As a result of full emergence, we are better positioned to capitalise on many of the opportunities we see in our business. I, along with the rest of the GCX management team, are confident in GCX’s future and excited about all that we will be able to accomplish as we move forward.”
