Global Cloud Xchange on Tuesday said that Bill Barney has stepped down as CEO of Reliance Communications to focus full time at the helm of GCX during its corporate restructuring process.
Reliance Communications' subsidiary, Global Cloud Xchange Limited (GCX), had filed for bankruptcy in the US, last week.
"GCX today announced that Bill Barney, CEO of Reliance Communications and Chairman and CEO of Global Cloud Xchange has resigned his RCOM role to focus full time at the helm of GCX during its corporate restructuring process," GCX said in a statement posted on its website.
On September 16, the GCX had said that it has initiated voluntary, pre-packaged Chapter 11 restructuring with support from over 75 per cent of lenders.
In the statement on Tuesday, Barney said: "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".
"Upon emergence from this process, GCX expects to be well-positioned to aggressively pursue our business plan independent of the overhang caused by our corporate parent's challenges," Barney added.
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