GTT - GTT slips another 4.8% as restructuring deadlines loom

GTT Communications (GTT -4.8%) stock is slipping yet again as investors weigh the prospect that the company is nearing a bankruptcy filing, ahead of key deadlines this month. Since Reorg reported a couple of weeks ago that the company and creditors were considering a prepackaged bankruptcy filing, the stock has tumbled more than 56%. In a filing Feb. 16, the company noted it amended a $275M bridge loan it secured at the end of 2020, in order to buy time to raise cash via infrastructure sales. A week from today, the company faces a deadline to deliver a deleveraging proposal to certain lenders - and March 31 brings the expiration of a forbearance agreement.

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GTT slips another 4.8% as restructuring deadlines loom