Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Order a copy
    • Buy an award plaque
    • Suggest execs for 2022

Advertisement

Header Primary Menu

  • Issues
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Order a copy
    • Buy an award plaque
    • Suggest execs for 2022

Home News Industries Technology GTT Communications to file for Chapter 11 bankruptcy

GTT Communications to file for Chapter 11 bankruptcy

McLean company plans to file after closing sale of infrastructure division

Published September 2, 2021 by Katherine Schulte

McLean-based telecommunications company GTT Communications Inc. is planning to file a prepackaged chapter 11 case after it closes the previously announced sale of its infrastructure division to Miami-based I Squared Capital, it announced Thursday.

After the completion of the $2.15 billion sale, GTT and some subsidiaries will file their cases in the U.S. Bankruptcy Court for the Southern District of New York. A Chapter 11 filing, or “reorganization” bankruptcy, allows the company to continue to operate its business. GTT’s operations outside the U.S. will be unaffected.

The company said it expected to continue operating without interruption. The restructuring support agreement it signed with stakeholders, including I Squared Capital, provides for payment of vendors, employees and other partners for costs incurred in the ordinary course of business. GTT stated it has sufficient liquidity to operate, and with the support of its lenders, will retain money from the infrastructure division sale.

In a statement, GTT CEO Ernie Ortega said, “This global agreement among each of our creditor constituencies resulted from extensive negotiations and reflects the ongoing commitment of our debtholders to the business. … To continue [our] momentum, we are working together with our debtholders to improve GTT’s financial health, and this is a major milestone to accomplish this goal.”

Founded in 1998, GTT specializes in Tier 1 internet network and cloud networking services.

Subscribe to Virginia Business. Get our daily e-newsletter.

Related Stories

Virginia Business logo

McLean satellite operator to buy in-flight broadband biz for $400M

Intelsat to acquire Gogo Inc.'s commercial aviation broadband business

Virginia Business logo

Falls Church company sends text from space satellite to phone

Lynk Global Inc. plans to use satellites to provide broadband services to more than 5 billion mobile phone users.

Virginia Business logo

McLean satellite operator Intelsat files for bankruptcy

Company faces $15B debt burden

Trending

William & Mary names new business school dean

Carsales.com to fully acquire Trader Interactive

UNOS CEO announces departure

Sponsored Stories

What can Supply Chain Consultants do for me?

The Lowdown on Downloads for Your Online Experience

5 Benefits of Treasury Management Services from Atlantic Union Bank

Creating An Urban Destination in Chesapeake

Advertisement

Advertisement

Trending

William & Mary names new business school dean

Carsales.com to fully acquire Trader Interactive

UNOS CEO announces departure

Sponsored Stories

What can Supply Chain Consultants do for me?

The Lowdown on Downloads for Your Online Experience

5 Benefits of Treasury Management Services from Atlantic Union Bank

Creating An Urban Destination in Chesapeake

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2022 Virginia Business. All rights reserved.

Site Maintained by TechArk