Global Cloud Xchange Limited (GCX), a unit of Reliance Communications (RCOM), has announced a new reorganisation plan. As part of this, GCX will terminate its sale process and exit the bankruptcy proceedings to emerge as a standalone company.

As per the terms of the proposed plan, GCX will reduce debt by $150 million, access new working capital and emerge as an independent company backed by the ownership of its existing senior secured noteholders.

Earlier in September 2019, GCX had filed for bankruptcy protection in a Delaware court after missing a bond payment.

According to the company, a hearing will be held on December 4, 2019 to get the court’s confirmation for the standalone plan and the company expects to emerge from its Chapter 11 restructuring shortly thereafter.