GTT - GTT Communications likely to file for Chapter 11 bankruptcy before June 30 - report

GTT Communications (GTT) may file for Chapter 11 bankruptcy protection before a June 30 bond coupon is due, according to a new report.The filing is likely to come before the sale of infrastructure assets to I Squared Capital is completed, according to a Reorg report. It also appears that the creditors overall recovery prospects have worsened due to new liabilities, specifically corporate taxes.Earlier this week, Bloomberg reported that GTT shareholders are expected to receive nothing in the currently conceived bankruptcy plan.In March, Bloomberg reported that GTT started formal talks about a restructuring in a potential bankruptcy filing.

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GTT Communications likely to file for Chapter 11 bankruptcy before June 30 - report