BY Richard Summerfield
Following its collapse in late 2021, GTT Communications has finally exited its Chapter 11 bankruptcy and restructuring processes, having removed $2.8bn from its debt pile and brought in new investors.
The company, which filed for Chapter 11 bankruptcy in October 2021, has agreed a deal with key creditors to amend its reorganisation plan in light of current macroeconomic challenges. As part of the Chapter 11 plan, GTT sold its infrastructure division to I Squared Capital for $2.1bn. That gave the company a head-start on paying off its debts. Now GTT has reduced its debt by approximately 80 percent, according to a statement from the company.
Today marks the beginning of an important new chapter for GTT, said Ernie O…
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