GTT Files for Chapter 11 to Implement Prepackaged Plan 
   - Voluntary chapter 11 cases filed for entities based in the United 
States (U.S.) consistent with Company's previously announced 
Restructuring Support Agreement (RSA) with key stakeholders 
   - Large majorities of lenders and noteholders have approved the 
Prepackaged Plan 
   - The combination of the recently completed infrastructure division sale 
and the transactions contemplated by the Prepackaged Plan will reduce 
the Company's debt by approximately $2.8 billion 
   - Business continues as usual and without interruption both in the U.S. 
and globally; vendors, employees and other partners to be paid in the 
ordinary course of business 
MCLEAN, Va.--(BUSINESS WIRE)--October 31, 2021-- 
   GTT Communications, Inc., "GTT" or "the Company," a leading global cloud 
networking provider to multinational clients, announced today that the 
Company and certain of its direct and indirect subsidiaries have 
commenced prepackaged chapter 11 cases in the United States Bankruptcy 
Court for the Southern District of New York to effectuate a deleveraging 
of GTT's capital structure. GTT's foreign businesses and operations 
outside of the U.S. are not included in the filing and are unaffected by 
the chapter 11 cases. 
   As previously announced, on September 1, 2021, GTT entered into an RSA 
with key stakeholders, including holders of a majority of its secured 
and unsecured debt and I Squared Capital, to implement a comprehensive 
restructuring of the Company's balance sheet following the sale of its 
infrastructure division to I Squared Capital. The sale closed on 
September 16, 2021. 
   Subsequent to executing the RSA and the closing of the sale, GTT 
solicited acceptances of its Prepackaged Plan, which received 
overwhelming support from its debtholders. Lenders holding over 88% of 
the aggregate outstanding principal amount of GTT's secured loans and 
holders of over 88% of the aggregate outstanding principal amount of 
GTT's 7.875% Senior Notes due 2024, including all lenders and 
noteholders that voted on the Prepackaged Plan, voted to accept. The 
Company is seeking to have the Prepackaged Plan confirmed in 
mid-December. 
   The Prepackaged Plan advances GTT on its path to improve its capital 
structure and execute its long-term business strategy. The combination 
of the completed infrastructure division sale and the transactions 
contemplated by the Prepackaged Plan will reduce the Company's debt by 
approximately $2.8 billion. 
   GTT is operating and serving its customers in the U.S. and globally 
without interruption. The RSA and the Prepackaged Plan provide for 
vendors, employees and other partners to be paid in the ordinary course 
of business for obligations incurred prior to and after the commencement 
of the chapter 11 cases. The Company has access to sufficient liquidity 
to operate its businesses including the payment of all such obligations. 
GTT expects to emerge from this process following receipt of the 
necessary regulatory approvals for the restructuring. 
   Ernie Ortega, Chief Executive Officer of GTT, said, "I am pleased by the 
support we've received from our debtholders and other stakeholders 
demonstrating their confidence in the Company's business plan and 
long-term strategy. Following the entry into the RSA, we closed the sale 
of our infrastructure division, and repaid a significant portion of our 
secured debt, as we said we would. Commencing the Company's chapter 11 
cases is the next major milestone that enables us to further strengthen 
our financial position as we continue to operate our business around the 
world." 
   Ortega added, "GTT remains committed to providing market-leading network 
solutions to our clients throughout the restructuring process and 
beyond. The main pillars of our business strategy that focus on 
operational excellence and providing a differentiated customer 
experience remain intact. We will continue to place the needs of our 
customers first, encouraged by the positive progress we are seeing 
across the key operational metrics impacting customer experience. I am 
thankful for everyone on our team who works tirelessly to deliver 
top-tier services to our global client base. I would also like to 
express my gratitude to our valued clients with whom we are honored to 
partner." 
   GTT's legal advisor in connection with the restructuring is Akin Gump 
Strauss Hauer & Feld LLP. Alvarez & Marsal North America, LLC serves as 
its restructuring advisor and TRS Advisors, a group within the 
investment banking division of Piper Sandler & Co., serves as its 
investment banker for the restructuring. 
   Interested parties who may have questions related to the restructuring 
may call Prime Clerk, at (877) 329-1803 or (347) 532-7908 
(international) or send an email to GTTInfo@PrimeClerk.com. In addition, 
information related to the restructuring is available at 
https://cases.primeclerk.com/GTT. 
   About GTT 
   GTT provides secure global connectivity, improving network performance 
and agility for your people, places, applications and clouds. We operate 
a global Tier 1 internet network and provide a comprehensive suite of 
cloud networking and managed solutions that utilize advanced 
software-defined networking and security technologies. We serve 
thousands of businesses with a portfolio that includes SD-WAN and other 
WAN services, internet, security and voice services. Our customers 
benefit from a customer-first service experience underpinned by our 
commitment to operational excellence. For more information on GTT, 
please visit www.gtt.net. 
   Forward-Looking Statements 
   This press release contains forward-looking statements within the 
meaning of the Private Securities Litigation Reform Act of 1995 and such 
statements are intended to be covered by the safe harbor provided by the 
same. These statements are based on the current beliefs and expectations 
of the Company's management and are subject to significant risks and 
uncertainties. The above statements regarding the expected impact of the 
Company's voluntary petitions for relief (the "Chapter 11 Cases") under 
chapter 11 of the Bankruptcy Code constitute forward-looking statements 
that are based on the Company's current expectations. Because these 
forward-looking statements involve risks and uncertainties, there are 
important factors that could cause future events to differ materially 
from those in the forward-looking statements, many of which are outside 
of the Company's control. These factors include, but are not limited to, 
the effects on the Company's business and clients of general economic 
and financial market conditions, as well as the following: (1) the 
Company has announced that its previously issued financial statements 
for the years ended December 31, 2019, 2018 and 2017, each of the 
quarters during the years ended December 31, 2019 and 2018 and the 
quarter ended March 31, 2020 (the "Non-Reliance Periods") and related 
disclosures and communications should no longer be relied upon as a 
result of preliminary findings of the Company's previously disclosed 
review of certain accounting issues (the "Review"); the Company is 
continuing to finalize its quantification of the impact of errors 
identified by the Review on financial results for the Non-Reliance 
Periods and the impact may be materially different than previously 
disclosed estimates; (2) the completion of the Review and the completion 
and filing of the restated financial statements relating to the 
Company's previously issued consolidated financial statements for the 
Non-Reliance Periods, its Quarterly Reports on Form 10-Q for the 
quarters ended June 30, 2020 and September 30, 2020, its Annual Report 
on Form 10-K for the fiscal year ended December 31, 2020, its Quarterly 
Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 
2021 and any subsequent delayed periodic filings with the Securities and 
Exchange Commission (the "SEC") may take longer than expected as a 
result of the timing or findings of the Review or the Company's 
independent registered public accounting firm's review process; (3) 
existing cash balances and funds generated from operations may not be 
sufficient to finance the Company's operations and meet its cash 
requirements; (4) the Company is subject to risks associated with the 
actions of network providers and a concentrated number of vendors and 
clients; (5) the Company could be subject to cyber-attacks and other 
security breaches; (6) the Company's network could suffer serious 
disruption if certain locations experience damage or as the Company adds 
features and updates its network; (7) the Company is subject to risks 
associated with purchase commitments to vendors for longer terms or in 
excess of the volumes committed by the Company's underlying clients, or 
sales commitments to clients that extend beyond the Company's 
commitments from its underlying suppliers; (8) the Company may be unable 
to establish and maintain peering relationships with other providers or 
agreements with carrier neutral data center operators; (9) the Company's 
business, results of operation and financial condition are subject to 
the impacts of the COVID-19 pandemic and related market and economic 
conditions; (10) the Company may be affected by information systems that 
do not perform as expected or by consolidation, competition, regulation 
or a downturn in the Company's industry; (11) the Company may be liable 
for the material that content providers distribute over its network; 
(12) the Company has generated net losses historically and may continue 
to do so; (13) the Company may fail to successfully integrate any future 
acquisitions or to efficiently manage its growth; (14) the Company may 
be unable to retain or hire key employees; (15) the Company recently 
announced management changes; (16) the Company is subject to risks