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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Reliance Communications Limited    RCOM   INE330H01018

RELIANCE COMMUNICATIONS LIMITED

(RCOM)
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Reliance Communications : Global Cloud Xchange Files for Chapter 11 Bankruptcy

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09/15/2019 | 08:56pm EST

By Becky Yerak

Global Cloud Xchange filed for bankruptcy protection Sunday after reaching a deal with lenders that will erase $150 million in debt and hands control of the telecommunications company to its senior bondholders.

The company, a subsidiary of India's Reliance Communications also known as GCX, said more than 75% committed to back the debt-for-equity swap, which will be completed through a prepackaged chapter 11 plan in U.S. Bankruptcy Court in Wilmington, Del.

Prepackaged plans, meaning a sufficient number of creditors have already voted to approve a deal, have become increasingly popular with companies looking to reduce the time and expense spent in the chapter 11 process.

The chapter 11 filing comes after the company said it had struck a forbearance agreement in July with bondholders over the restructuring of $350 million in bonds issued by GCX Ltd.

GCX's bankruptcy adviser include by Lazard, Paul Hastings LLP and FTI Consulting, Inc.

Judge Christopher Sontchi has been assigned the case, number 19-12029.

Stocks mentioned in the article
ChangeLast1st jan.
FTI CONSULTING, INC. 1.33% 112.59 Delayed Quote.0.41%
RELIANCE COMMUNICATIONS LIMITED -7.14% 0.65 End-of-day quote.-22.22%
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Financials (INR)
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Capitalization 1 770 M
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Last Close Price 0,65  
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Managers
NameTitle
Viswanath Devaraja Rao Chief Financial Officer & Executive Director
Arun Kumar Purwar Independent Director
Rakesh Gupta Secretary & Chief Compliance Officer
Shrenik Vaishnav Chief Accounts Officer & Senior Vice President
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