GTT Units New Path After Enterprise Transformation and

  • Monetary restructuring course of accomplished
  • Debt diminished by near $3 billion; steadiness sheet strengthened
  • Tradition remodeled to concentrate on buyer expertise and steady operational enhancements

GTT Communications, Inc. (“GTT” or the “Firm”), a number one world supplier of managed community and safety providers to multinational organizations, introduced right now that the Firm has efficiently accomplished its monetary restructuring course of and emerged from its chapter 11 instances. The remodeled firm is repositioned to concentrate on offering clients with industry-leading managed community and cloud safety providers that leverage the corporate’s world Tier 1 IP community.

“At this time marks the start of an necessary new chapter for GTT,” stated Ernie Ortega, Chief Govt Officer of GTT. “Over the previous two years, we’ve got concentrated relentlessly on remodeling our enterprise right into a customer-focused, managed providers supplier with a tradition of steady enchancment. As we start 2023 on a brand new path, I’m tremendously excited in regards to the alternatives forward.”

“We now have extra thrilling developments to share within the coming weeks, however proper now I need to thank our staff, clients, and companions, whose confidence in GTT has underpinned our dedication to realizing this Firm’s unbelievable potential. Thanks to those stakeholders, GTT has succeeded in finishing its monetary restructuring with a renewed concentrate on buyer expertise, operational effectivity, and offering the most effective of what our {industry} can provide to clients and companions throughout the globe,” Mr. Ortega stated.

GTT’s managed providers portfolio contains market-leading Software program-Outlined Large Space Community (SD-WAN) and Safe Entry Service Edge (SASE) options, in addition to world networking and connectivity options. The Firm has launched new automation to streamline processes and constantly enhance the shopper expertise and launched new providers, together with GTT Safe Join which extends and strengthens community safety for companies adapting to hybrid working environments.

GTT additionally continues to function one of many world’s largest Tier 1 IP networks and just lately introduced a phased 400G rollout to deal with a continued, double-digit enhance in buyer IP site visitors throughout its core IP community, which connects greater than 260 cities on six continents.

By GTT’s sale of its infrastructure division in 2021 (the “Infrastructure Sale”) and its monetary restructuring course of, GTT diminished its debt by $2.8 billion, or roughly 80%. With an enhanced capital construction and new investor management as a privately held firm, GTT stands well-positioned to proceed its transformation as a customer-focused, managed providers supplier delivering world-class service to its world buyer base and execute on steady operational enchancment alternatives.

GTT beforehand introduced a brand new board of administrators for the reorganized firm, together with a brand new Chairman of the Board, Tony Abate, on April 6, 2022. With GTT’s completion of its monetary restructuring course of, Beau Harbour, Managing Director at Lone Star, and Alex Grau, Managing Director at Hudson Advisors L.P., an funding advisor to Lone Star, have joined GTT’s Board of Administrators.

“The Firm’s Board and new homeowners are wanting ahead to working with Ernie and your entire GTT group to construct on the Firm’s momentum and our shared imaginative and prescient to serve companies with community, safety and communications wants throughout a number of places globally,” Mr. Abate stated. “GTT is well-positioned to seize the rising demand for bandwidth, cyber-security and managed providers as enterprises optimize the efficiency of their very own SaaS and cloud-based functions wherever on this planet.”

Associates managed by Lone Star Funds, Anchorage Capital Group, Constancy Administration & Analysis Co., and Cheyne Capital, collectively, comprise the brand new investor management and personal a majority of GTT’s reorganized fairness.

GTT’s authorized advisor in reference to the restructuring was Akin Gump Strauss Hauer & Feld LLP. Alvarez & Marsal North America, LLC served as its restructuring advisor, and TRS Advisors, a bunch inside the funding banking division of Piper Sandler & Co., served as its funding banker for the restructuring.

About GTT

GTT is a managed community and safety providers supplier to world organizations. We design and ship options that leverage superior cloud, networking and safety applied sciences. We complement our options with a collection {of professional} providers and distinctive gross sales and help groups in native markets all over the world. We serve hundreds of nationwide and multinational corporations with a portfolio that features SD-WAN, safety, Web, voice and different connectivity choices. Our providers are uniquely enabled by our top-ranked, world, Tier 1 IP spine, which spans greater than 260 cities on six continents. The corporate tradition is constructed on a customer-first service expertise bolstered by our dedication to operational excellence and steady enchancment in our enterprise, environmental, social and governance practices. For extra data, go to www.gtt.web.

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