Indian telecom company Reliance Communications Ltd’s (RCom) (RLCM.NS) Chief Executive Officer Bill Barney will step down but remain as head of its U.S. unit, Global Cloud Xchange (GCX), as it goes through bankruptcy proceedings, GCX said on Tuesday.
GCX, an under-sea cable supplier, expects to complete the liquidation process by the end of the fourth quarter.
“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,” Barney said in a filing.
Anil Ambani-led RCom filed for bankruptcy in India earlier this year as lack of regulatory approval for asset sales hampered the company’s efforts to solve its debt crisis.