| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers G > Headlines for GT Group Telecom Inc. > News item |
GT Group Telecom obtains protection from creditors
New York, June 26 - GT Group Telecom Inc. said it obtained an order granting protection from its creditors under the Canadian Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice.
The order gives an initial 30 days protection.
GT Group said it will also be making a similar filing in the U.S.
The Toronto-based telecommunications company said the order gives the company additional time to negotiate a restructuring plan with its stakeholders.
Discussions are under way with lenders with a view to negotiating a restructuring of debt and operations.
GT Group said it has sufficient cash to continue operations during the CCAA period.
During the restructuring, GT group said it will reduce its workforce by 360 and "tightly manage" capital expenditures.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.