ENGTT Communications, Inc., “GTT” or “the Company”, a leading global cloud networking provider to multinational clients, announced today that the United States Bankruptcy Court for the Southern District of New York has approved the Company’s Prepackaged Plan.
The Prepackaged Plan enables GTT to improve its capital structure and execute its long-term business strategy. The combination of the recently completed infrastructure division sale and the transactions contemplated by the Prepackaged Plan will reduce the Company’s debt by approximately $2.8 billion. GTT expects to emerge from the chapter 11 process following receipt of the necessary regulatory approvals for the restructuring.
Ernie Ortega, Chief Executive Officer of GTT, said, “With the court approval now behind us we are well positioned with the resources we need to push forward with our long-term growth plan. We are grateful for the immense support we have received from our debtholders, customers, employees, vendors and other partners during this process.”
“With the court approval now behind us we are well positioned . . . to push forward with our long-term growth plan.”
GTT continues to operate and serve its customers in the U.S. and globally without interruption. Employees and partners are being paid in the ordinary course of business for obligations incurred prior to and after the commencement of the chapter 11 cases. The Company also has access to sufficient liquidity to operate its businesses including the payment of all such obligations.
Business Update
GTT has announced three leadership appointments.
- Donna Granato has been named Chief Financial Officer after serving in an interim capacity for approximately one year.
- Jim Delis has been appointed Division President for Americas. He has over two decades of industry leadership experience at companies that include AT&T Wireless, XO Communications, Time Warner Cable, and most recently, TPx Communications.
- Lisa Brown has been named Chief Marketing Officer. She joined GTT in 2015 and has held senior leadership roles in marketing and sales operations in the communications, data center and managed cloud markets.
Ortega said, “I am thrilled to announce these leadership team appointments. Donna, Lisa and their respective teams have done a remarkable job to date, and I am thankful for their continued leadership. It is also a pleasure to welcome Jim to GTT, and I look forward to his contributions as an industry veteran. I have tremendous confidence in our leadership team as we work together to transform the Company, execute our strategy and deliver for our customers.”
GTT continues to provide market-leading network solutions to multinational and national clients. Most recently, GTT announced it has been selected to connect Air France-KLM Group’s sites in nearly 40 countries, in addition to delivering a global SD-WAN solution for Barry Callebaut that enhances the performance of business-critical applications. The Company also recently announced a new partnership with Palo Alto Networks to power its SASE platform, combining advanced security and dynamic software-defined networking technology with one of the industry’s largest IP networks.
Other Information
GTT’s legal advisor in connection with the restructuring is Akin Gump Strauss Hauer & Feld LLP. Alvarez & Marsal North America, LLC serves as its restructuring advisor and TRS Advisors, a group within the investment banking division of Piper Sandler & Co., serves as its investment banker for the restructuring.
Interested parties who may have questions related to the restructuring may call Prime Clerk, at (877) 329-1803 or (347) 532-7908 (international) or send an email to [email protected]. In addition, information related to the restructuring is available at https://cases.primeclerk.com/GTT.
