Cyxtera Technologies, Inc.: going-concern / distress — Cyxtera files Chapter 11 with pre-arranged restructuring; secures $200M DIP financing

Cyxtera Technologies, Inc.

Filed voluntary Chapter 11 cases in New Jersey on June 4, 2023; pre-arranged restructuring plan supported by lenders holding >2/3 of term loan.
Committed $200M debtor-in-possession financing from term lenders, convertible to exit facility on emergence.
Business continues normal operations; customer access and services uninterrupted; subsidiaries in Germany, Singapore, UK excluded.
Company cautions stockholders may experience significant or complete loss on investment depending on outcome.
Pursuing potential sale or significant investment from new investor during Chapter 11 process.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Cyxtera Technologies, Inc. reported a default on credit facility of $200 million debtor-in-possession financing with Citibank, N.A. at Not specified maturing Upon emergence from court-supervised process.

Instrument: credit facility
Principal: $200 million debtor-in-possession financing
Counterparty: Citibank, N.A.
Rate: Not specified
Maturity: Upon emergence from court-supervised process
Event: default

Exact text from the filing

(“ Holdings ”), the subsidiary loan parties thereto, the lenders from time to time party thereto and Citibank, N.A., as administrative agent and collateral agent (the “ Prepetition Credit Agreement ”); and • First Lien Priority Credit Agreement, dated as of May 4, 2023, among the Borrower, Holdings, the other lenders party thereto and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Cyxtera Technologies, Inc. incurred credit facility of $200 million with certain of the term lenders at Not specified maturing Exit facility upon emergence.

Instrument: credit facility
Principal: $200 million
Counterparty: certain of the term lenders
Rate: Not specified
Maturity: Exit facility upon emergence
Event: incurrence

Exact text from the filing

Cyxtera has received a commitment for $200 million in debtor-in-possession financing from certain of the term lenders, which is convertible into an exit facility upon the Company’s emergence from the court-supervised process.

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Cyxtera Technologies, Inc. entered chapter 11 in U.S. Bankruptcy Court for the District of New Jersey (petition 2023-06-04).

Proceeding: chapter 11
Court: U.S. Bankruptcy Court for the District of New Jersey
Petition: 2023-06-04

Exact text from the filing

On June 4, 2023 (the “ Petition Date ”), Cyxtera Technologies, Inc. (the “ Company ”) and certain of its direct and indirect subsidiaries (collectively, the “ Debtors ”) filed voluntary cases (the “ Chapter 11 Cases ”) under chapter 11 of title 11 of the United States Code (the “ Bankruptcy Code ”) in the U.S. Bankruptcy Court in the District of New Jersey (the “ Bankruptcy Court ”).

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Source: SEC EDGAR

accession 0001193125-23-160378

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