GTT’s Bankruptcy Exit Held Up By Telecom Regulatory Approvals

GTT Communications Inc. asked for more time to implement its Chapter 11 bankruptcy plan approved late last year, saying it’s still waiting for the regulatory approvals required to consummate the $2.8 billion debt reduction deal.

Nine months after getting its bankruptcy plan confirmed, the telecommunications company’s applications for regulatory approval, while uncontested, have been held up by “unforeseen delays,” GTT told the US Bankruptcy Court for the Southern District of New York in a filing Tuesday.

The delay has caused “certain ripple effects on the Debtors’ liquidity profile,” forcing GTT to update agreements with lenders regarding its use and ...