GTT Communications Kicks Off Ch. 11 To Shed $1B – Law360

By Leslie Pappas (November 3, 2021, 5:37 PM EDT) -- GTT Communications Inc. kicked off its bankruptcy at a virtual hearing in Manhattan on Wednesday, embarking on the second phase of a two-part prepackaged restructuring that aims to keep the global internet provider's business operating while it sheds more than $1 billion in debt.

The McLean, Virginia-based company recently wrapped up the first part of its reorganization: a $2.13 billion infrastructure sale to a subsidiary of I Squared Capital Advisors (US) LLC that allowed the company to prepay approximately $1.673 billion of its long-term debt obligations.

The second phase of the plan, a court-supervised reorganization under Chapter 11, would allow the...

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GTT Communications Kicks Off Ch. 11 To Shed $1B - Law360