Out of chapter 11 GTT 2.0 names board
GTT has confirmed the names of its new, all-male board after emerging from chapter 11.
Back in September, when GTT's business was officially split as part of its restructure, Ernie Ortega exclusively toldCapacity that the focus is now on transforming the business into "GTT 2.0" as it retuned to its core competencies.
The restructure eventually saw GTT's infrastructure assets sold to I Squared Capital for $2.1 billion, leading to the formation of Exa Infrastructure.
Today, Ortega's 2.0 iteration of GTT named Anthony Abate as chair of the board and the line-up of named directors was confirmed as follows: company CEO Ernie Ortegal GTT director Sherman Edmiston; Equinix EVP Jon Lin; Adam Malin, partner and senior member of the investment team at Anchorage Capital Group; Tangoe CEO James Parker; and Wayne Rehberger, who retired as CFO of Engility in 2019.
Ortega is also on the board and will continue in his role as CEO.
GTT said: "The new board will bring substantial knowledge of the telecommunications industry and corporate finance, coupled with seasoned governance experience, in support of the Company’s business transformation and growth phase of its multi-year strategy."
The new board of directors will be formally constituted and appointed upon GTT’s and its debtor-subsidiaries’ emergence from their pre-packaged chapter 11 cases, which is expected to occur within the next several months after certain required regulatory approvals have been obtained.
The US Bankruptcy Court for the Southern District of New York approved GTT’s pre-packaged plan of reorganization on December 16, 2021.