The deal is in connection with the chapter 11 restructuring of GTT Communications, Inc. On December 28, 2022, GTT’s second amended third modified plan of reorganization was confirmed by the United States Bankruptcy Court for the Southern District of New York and the company emerged from chapter 11 pursuant to the Amended Plan on December 30, 2022.
On October 31, 2021, GTT filed a prepackaged plan of reorganization that was confirmed by the Bankruptcy Court on December 16, 2021. Following unforeseen delays to effectiveness and associated impacts to go-forward liquidity, GTT filed the Amended Plan on November 27, 2022. Pursuant to the Amended Plan, GTT’s funded debt will be reduced by $2.8 billion, with holders of secured term loans receiving 94.5% of the reorganized equity and approximately $783 million in take-back debt.
Pérez-Llorca has advised on the Spanish FDI aspects of the restructuring, while Davis Polk led on the global antitrust and FDI clearances for the transaction
This company, a leading global provider of managed network and security services to multinational organisations, announced that has successfully completed its financial restructuring process and emerged from its chapter 11 cases, having removed $2.8bn from its debt and brought in new investors.
Lone Star, as a creditor of GTT Communications, exchanged its existing debt for GTT shares and, as part of GTT Communications’ business is conducted in Spain, Davis Polk requested the assistance of Pérez-Llorca to represent the fund in obtaining FDI approval for the transaction.
The Pérez-Llorca´s team consisted of partners Pablo Figueroa, Juan Oñate and Francisco Iso, of counsel Eduardo Arbizu and lawyers Alejandra González-Concheiro, Julia Böhme, María de Arcos, Andrea Sánchez, and Silvia Bardají.
Davis Polk advised with a team comprising Matthew Yeowart and Léonore de Mullewie.
