Reliance Communications Ltd’s CEO Bill Barney will step down from his role, however, continue in his capacity as the head of the US unit, Global Cloud Xchange. Barney will lead the company through its bankruptcy proceedings, according to a statement from GCX.
“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,” Barney said during a filing.
As an under-sea cable supplier, GCX is hoping to wrap up the liquidation process by the end of Q4. While in India, Anil Ambani-led RCom filed for bankruptcy in India earlier this year because the company did not receive regulatory approval for asset sales which in turn hampered the company’s efforts to solve the debt crisis.
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