Cyxtera Shares Down After Bankruptcy Process Begins

Dow Jones2023-06-05

By Dean Seal

Shares of Cyxtera are trading lower after the company launched a prearranged Chapter 11 bankruptcy process to support its restructuring.

The stock was down 12% at 14 cents in premarket trading. As of the market close Friday, they had dropped almost 99% over the past 12 months.

The provider of data center locations and interconnection services said Sunday that the process is part of the restructuring agreement the company reached with lenders holding more than two-thirds of its outstanding term loan.

The company will continue to operate without interruption, Cyxtera said. Subsidiaries in Germany, Singapore and the U.K. are not included in the process.

Cyxtera also has received a commitment for $200 million in debtor-in-possession financing from some of the term lenders.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

June 05, 2023 06:30 ET (10:30 GMT)

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