Telecoms Group GTT Emerges from Chapter 11

U.S. managed services and cloud connectivity provider GTT, formerly called Global Telecom and Technology, has emerged from its Chapter 11 bankruptcy cases after more than two years of corporate and financial restructuring, BNAmericas.com reported. The company, which maintains ethernet and IP sites in São Paulo, Rio de Janeiro and Mexico City, first filed for bankruptcy protection in October 2021. "Over the past two years, we have concentrated relentlessly on transforming our business into a customer-focused, managed services provider with a culture of continuous improvement. As we begin 2023 on a new path, I’m tremendously excited about the opportunities ahead,” CEO Ernie Ortega said. Throughout this period, the company has managed to reduce its debt by around $2.8 billion and bring in new investors. For example, it sold its infrastructure division to I Squared Capital for $2.1 billion, cutting debt by approximately 80%, according to GTT. Read more.