Recurring revenue increased by $14.7 million, or 8.5% year over year, to $188.4 million in the first quarter. Together with our Lenders, we determined that initiating this process is the best path forward for Cyxtera and our stakeholders as we pursue new opportunities for growth. You must file an originally executed proof of claim. 1 minute read. 2333 Ponce De Leon Blvd, Suite 900 Kirkland & Ellis LLP is serving as legal counsel to Cyxtera, Guggenheim Securities, LLC is serving as financial advisor and AlixPartners, LLP is serving as restructuring advisor. Purpose built for Federal customers. 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Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced that, pursuant to the previously disclosed Restructuring Support Agreement ("RSA") it reached with certain of its lenders holding over two-thirds of its outstanding term loan, the Company and certain of its subsidiaries have initiated . The Company has filed a number of customary motions with the Court seeking authorization to support its operations, including the payment of employee wages, salaries and benefits without interruption. Additionally, regardless of the path forward, employees will continue receiving their pay and benefits without interruption. Cyxtera Takes Steps to Position Business for Long-Term Success Hybrid IT In addition, Cyxteras unwavering focus on providing high-quality services that help its customers around the world transform and scale their businesses remains the same. Please view the Notice of Chapter 11 Bankruptcy Case [Docket No. Cyxtera Technologies Inc. announced that it has entered into a restructuring support agreement (RSA) with its equity sponsors and an ad hoc group of lenders, and concurrently received a $50 million super-senior secured term loan from certain consenting term lenders. Court filings and other information related to the proceedings are available on a separate website administrated by the Companys claims agent, Kurtzman Carson Consultants (KCC) at www.kccllc.net/cyxtera. Cyxtera Takes Next Step to Implement Restructuring Support Agreement For inquiries, please call (877) 726-6510 (U.S./Canada) or (424) 236-7250 (International) or click here to submit an email inquiry. Cyxtera gets $50m lifeline, reaches new agreement with debtors, is Case Management Order, Order re First Day Matters Debtors will solicit and, if value-maximizing, in accordance with the terms of the Restructuring Support Agreement, will select the highest or otherwise best offer(s) for the purchase of or investment in the equity interests (the "New Equity Interests") issued by reorganized Cyxtera Because forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Cyxteras control. This process will enable us to significantly reduce debt, meaningfully enhance liquidity and position the business for long-term success. Federal MIAMI, June 05, 2023 -- ( BUSINESS WIRE )--Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced that, pursuant to the previously. Initiates Pre-Arranged Chapter 11 Process with Substantial Support from Lenders to Facilitate Comprehensive Balance Sheet Restructuring as the Company Executes Growth Strategy Today, Cyxtera provides more than 2,300 enterprise and government customers with the technology solutions they need to scale faster, achieve financial goals, and gain a competitive advantage. CYXTERA TECHNOLOGIES, INC., IN SUPPORT OF CHAPTER 11 PETITIONS AND FIRST DAY MOTIONS . Accordingly, you should not place undue reliance upon any such forward-looking statements in this press release. Colocation You must file an originally executed proof of claim. MIAMI June 4, 2023 Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced that, pursuant to the previously disclosed Restructuring Support Agreement (RSA") MIAMI May 4, 2023 Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced that it has received $50 million in new financing from certain of its lenders, MIAMI April 13, 2023 Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced it has been recognized by CRN, a brand of The Channel Company, with a prestigious Colocation, Channel Partners, Marketplace. Today, Cyxtera provides more than 2,300 enterprise and government customers with the technology solutions they need to scale faster, achieve financial goals, and gain a competitive advantage. Cyxtera Takes Action to Strengthen Business The Company will also continue evaluating its data center footprint, consistent with its commitment to optimizing operations. Cyxtera Technologies, Inc., et al. Cyxtera Closes Accounts Receivable Securitization Facility of $37.5 Million with PNC Bank, N.A. MIAMI--(BUSINESS WIRE)-- Cyxtera (OTC: CYXTQ), a global leader in data center colocation, interconnection services and digital infrastructure, today announced that it has reached a key milestone in its Chapter 11 process by filing a proposed Plan of Reorganization (the "Plan") with the U.S. Bankruptcy Court for the District of New Jersey (the "Bankruptcy Court"). We are confident in our ability to continue growing our business and creating value for the customers and communities we serve as we work to implement the transactions contemplated by the agreement. It provides a range of data center products and services that are specifically designed to address the needs of enterprises, service providers and government agencies. District of New Jersey For more information, please visit www.cyxtera.com. Kirkland & Ellis LLP is serving as legal counsel to Cyxtera, Guggenheim Securities, LLC is serving as financial advisor and AlixPartners, LLP is serving as restructuring advisor. In addition, forward-looking statements reflect Cyxteras expectations, plans or forecasts of future events and views as of the date of this press release. United States Bankruptcy Court 601 Lexington Avenue MIAMI June 4, 2023 Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced that, pursuant to the previously disclosed Restructuring Support Agreement (RSA") it reached with certain of its lenders holding over two-thirds of its outstanding term loan, the Company and certain of its subsidiaries have initiated a pre-arranged court-supervised process under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey. "With the support of our Lenders, we are taking steps to strengthen our financial position and ensure that our business is best positioned for the long term. Please disable your ad-blocker and refresh. We are confident these steps will enable us to position our business for the long term as we continue serving our customers with innovative services and the highest levels of support., Mr. Fonseca continued, Our recent business momentum and the high demand for our global data center platform are a testament to the hard work and commitment of our team, as well as to the continued support of our customers and business partners. Hybrid IT, Enterprise Bare Metal, Colocation. Motion for Asset Sale Filed by Cyxtera Technologies, Inc. Latest news about Cyxtera Technologies, Inc. Cyxtera Technologies, Inc.(OTCPK:CYXT.Q) dropped from NASDAQ Composite Index, Cyxtera Technologies, Inc.(NasdaqGS:CYXT) dropped from S&P TMI Index, Cyxtera Technologies Gets Court Approvals for 'First Day' Motions in Connection With Chapter 11 Bankruptcy Process. Cyxtera Takes Next Step to Implement Restructuring Support Agreement , . In addition, forward-looking statements reflect Cyxteras expectations, plans or forecasts of future events and views as of the date of this press release. Together with our Lenders, we determined that initiating this process is the best path forward for Cyxtera and our stakeholders as we pursue new opportunities for growth. The Companys subsidiaries in Germany, Singapore and the United Kingdom are not included in the court-supervised process. View source version on businesswire.com: https://www.businesswire.com/news/home/20230604005046/en/, 4ff7d22d90b1b20973b126ac418b63.fcsp1DMVnDDgKRm2Y5rG0io63HcudnROqRv6hyxg_Dc.RIQYt3BM7n-1TFfxBa71gmhJpS1xPjs03HnD0U0FznJIpxGRZ0HMaJdeag. Dial in: (888) 946-3502 Demand for our global data center platform remains high, and we look forward to emerging from this process as an even stronger partner to our customers and partners around the world as we help them meet their evolving business needs. Cyxtera is a global leader in colocation and interconnection services, with a footprint of more than 60 data centers in over 30 markets. Because forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Cyxteras control. Cyxtera's bankruptcy filing - which does not include its subsidiaries in Germany, Singapore and the UK - is pursuant to a previously disclosed restructuring support agreement (RSA) it reached with certain of its lenders holding over two-thirds of its outstanding term loan. Debtors' Motion for Entry of An Order (I) Approving the Bidding Cyxtera Takes Next Step to Implement Restructuring Support Agreement View our Privacy Policy for more information. Cyxtera Takes Next Step to Implement Restructuring Support Agreement, https://www.businesswire.com/news/home/20230604005046/en/, Cyxtera Technologies, Inc.(NasdaqGS:CYXT) dropped from S&P Global BMI Index. Our subsidiaries in the United Kingdom, Germany and Singapore are not included in the court-supervised process. 100] for additional information. Cyxtera has received a commitment for $200 million in debtor-in-possession financing from certain of the term lenders, which is convertible into an exit facility upon the Company's emergence from the court-supervised process. Enterprise Bare Metal
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