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 Wall Street Journal reported. The company, a subsidiary of India’s Reliance Communications also known as GCX, said that more than 75 percent 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. 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.
