The US Bankruptcy Court approved the second amended third modified joint plan of reorganization and disclosure statement of GTT Communications, Inc. on December 28, 2022. The debtor has filed its plan in the Court on November 30, 2022. As per the plan, administrative claims, statutory fees, priority tax claims, other priority claims, professional fee claims, and other secured claims will be paid in full in cash.

2018 Credit Facility Claims shall be recovered 99.2% in the form of cash and debt. Senior notes claims shall be paid in full and final satisfaction in the form of equity, warrants and right in participate in the noteholder new common equity investment. Section 510(b) Claims will be canceled, and intercompany interests shall be reinstated.

Intercompany interests will be reinstated, and existing GTT equity interests shall be cancelled. The plan will be funded through cash in hand, exit revolving credit facility and new GTT term loan facility in the amount of $75 million and $854 million, respectively, and common stock, noteholder warrants, equity holder warrants and rights.