Global Capacity completes sale of its business to Pivotal Group
Global Capacity, an international enterprise service provider, has completed the sale of its assets to GC Pivotal, an affiliate of investment firm Pivotal Group.
The deal follows the company’s declared bankruptcy last year. According to Reuters, in the court papers the company listed both assets and debt in the range of $10 million to $50 million. The transaction has eliminated Global Capacity’s debt and the company is now in a strong financial position for the future.
Patrick Shutt, CEO of Global Capacity said: “Global Capacity now has the financial strength and strategic backing required to invest in and evolve our innovative One Marketplace Access Exchange platform.” The company’s One Marketplace Access Exchange is an automated platform allowing customers and suppliers to interact on an automated platform that provides access network solutions.
The sale was approved by the court as part of the Global Capacity bankruptcy case and will supervise the post-sale wind-down of the bankruptcy.