Bankruptcy Law

GTT Said to Weigh Pre-Packaged Bankruptcy Filing to Cut Debt (2)

Feb. 18, 2021, 6:42 PM

GTT Communications Inc. is considering filing for bankruptcy with a pre-negotiated restructuring plan to help it trim its more than $3 billion debt load, according to people with knowledge of the matter.

The telecommunications company hasn’t yet made formal plans but is likely to file for Chapter 11 court protection after it closes the sale of its infrastructure unit later this year, said the people, who asked not to be identified discussing a private matter. That type of bankruptcy restructuring would allow GTT to rework its balance sheet and cut debt while continuing operations.

Shares of GTT sunk more 17%...

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