GTT Communications, Inc., a leading global cloud networking provider to multinational clients, announced today that the U.S. Bankruptcy Court for the Southern District of New York has approved the company’s pre-packaged plan, according to a press release. The pre-packaged 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 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. 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 said that it has access to sufficient liquidity to operate its businesses including the payment of all such obligations.
