Global Cloud Xchange files for bankruptcy

Mumbai: Global Cloud Xchange, a subsidiary of Reliance Communication (RCom) filed for bankruptcy after it missed a payment on its $350 million on 7% bonds.  

It seems that the discussion between members of the Committee of Creditors of RCom and the bondholders failed.

Deloitte appointed as resolution professional

According to the report published in The Economic Times, Rcom and its subsidiary, Reliance Telecom and Reliance Infrastructure are facing a debt of Rs. 46000 crore. Deloitte was appointed as the resolution professional.

Earlier, RCom had said that the value of GCX is going down.

It may be mentioned that GCX is the largest undersea cable company.