Global Cloud Xchange (GCX) has appointed Carl Grivner as Chief Executive Officer.
“It is an exciting time to get back into submarine networks, as the demand for global bandwidth is multiplying, and there is an increasing need for fiber optic interconnectivity to support the rising global data traffic,” said Carl Grivner. “GCX is in a unique position to support the escalating bandwidth consumption across emerging markets as it owns and operates one of the world’s largest private submarine cable systems, which sets the foundation for a robust global service delivery platform.”
Global Cloud Xchange emerges from Chapter 11
Global Cloud Xchange’s non-regulated businesses, representing a vast majority of the global network and operations, emerged from the Chapter 11 process. The company said its regulated businesses are expected to emerge from bankruptcy later this year following receipt of regulatory approval. Following the Chapter 11 process, GCX will have a stronger capital structure with reduced debt, and access to new working capital that can support its long-term growth. The company will also be moving forward under new ownership of its senior secured noteholders with the commitment and capital to support GCX and its investment in the future.
GCX owns one of the world’s largest private undersea cable system spanning more than 68,000 route kms.