GCX lays down plan to exit bankruptcy as a standalone company

NEW DELHI: Global Cloud Xchange Ltd (GCX), a unit of Reliance Communications has terminated its sale process and has laid down its intent to emerge from bankruptcy as a standalone company through a plan of reorganization, the company announced.

Under the terms of the proposed plan, GCX will reduce debt by $150 million, access new working capital and emerge as an independent company backed by the ownership of its existing senior secured noteholders.