It took 15 months, but GTT has finally emerged from the Chapter 11 doghouse. Yesterday the global managed network provider celebrated the start of 2023 by unveiling its newly revitalized fiscal and operational structure.
GTT spent much of the last decade rolling up several dozen M&As before finally running aground in 2020/2021 after buying its way down to the fiber level with the purchases of Interoute and Hibernia Networks. That side of the business was sold off to private investors and and reborn as EXA Infrastructure, after which the rest of the company entered the restructuring process.
So what does the new GTT look like? Well it has $2.8B less debt on its hands, and has shifted its operational focus toward the managed network and security services needs of multinational corporations. The company is led by CEO Ernie Ortega, and its biggest owners are affiliates of Lone Star Funds, Anchorage Capital Group, Fidelity Management & Research Co., and Cheyne Capital.
We had GTT COO Don MacNeil here for an Industry Spotlight over the summer in which he offered more color on GTT 2.0, which is what they unveiled yesterday.
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