Late last week we got an update from GTT on its restructuring plans. The global network operator has arranged a trip through a pre-planned chapter 11 process for its US-based units following the completion of its infrastructure division sale.
The sale of the company's fiber assets in Europe and under the Atlantic Ocean to I-Squared Capital that was announced last year is expected to be completed in the next few weeks. With that done and the newly announced agreement with key stakeholders in place, GTT's hopes to eliminate some $2.8B in debt in all while maintaining operational liquidity. Then they will be able to refocus the business around growth areas like SD-WAN.
Of course, prepackaged or not, other events could still change that trajectory. Meanwhile, the other open question of course is just what I-Squared Capital will do with GTT's infrastructure assets, which derive from the footprints of Interoute and Hibernia.
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