Reliance Communications CEO Bill Barney has stepped down after serving the company in the last three years.
Bill Barney, who is also the chairman and CEO of Global Cloud Xchange, will focus on corporate restructuring process. Global Cloud Xchange is the subsidiary of Reliance Communications.
“With GCX’s recent voluntary Chapter 11 filing, it will be in the best interest of both RCOM and GCX for me to step down at this time to focus on GCX restructuring. GCX expects to be well-positioned to aggressively pursue our business plan independent of the overhang caused by our corporate parent’s challenges,” Bill Barney said.
At the time of GCX’s announcement last week, more than 75 percent of the Company’s lenders have already committed their support for the Plan, which outlines the terms for a transaction through which GCX’s senior secured noteholders would become owners of the company and provide new loans to support and grow the business.
Global Cloud Xchange will use the protections and framework of Chapter 11 to undertake a sale process. GCX expects to complete the Chapter 11 process and emerge as a stronger company within the fourth quarter of 2019.