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RCOM arm Global Cloud Xchange files for voluntary bankruptcy protection in US

Posted On: 2019-09-18 08:48:07


The CEO of Global Cloud Xchange ("GCX"), Bermuda, a step down subsidiary of Reliance Communications Limited ("Company") has sent to advisors of the resolution professional on September 16, 2019 at 5:58 PM IST, intimating that GCX has voluntarily filed for bankruptcy protection under chapter 11 of the United States Bankruptcy Code on September 15, 2019 for a pre-packaged restructuring with support from more than 75% of its lenders, vide which GCX's senior secured noteholders would become owners of GCX and provide new loans to support and grow the business. GCX has also envisaged to use the protections and framework of Chapter 11 to undertake a sale process.

Reliance Communications Limited is under Corporate Insolvency Resolution Process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. With effect from June 21st, 2019, its affairs, business and assets are being managed by, and the powers of the board of directors are vested in, the Resolution Professional, Mr. Anish Nanavaty, appointed by Hon'ble National Company Law Tribunal, Mumbai Bench, Mumbai, vide order dated 28th June, 2019.

Shares of RELIANCE COMMUNICATIONS LTD. was last trading in BSE at Rs.0.94 as compared to the previous close of Rs. 0.9. The total number of shares traded during the day was 4640717 in over 987 trades.

The stock hit an intraday high of Rs. 0.94 and intraday low of 0.9. The net turnover during the day was Rs. 4360443.


Source: Equity Bulls

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