Cyxtera Technologies, Inc., a leading global provider of retail colocation, interconnection services, and digital exchange services, had its Chapter 11 proceedings recognized under the Canadian Companies' Creditors Arrangement Act (CCAA) on June 7, 2023. The group, burdened with approximately $2 billion in debt, employed 650 people worldwide, including 17 in Canada. The financial distress stemmed from a sharp rise in inflation and interest rates in the US, leading to short-term balance sheet issues.

To address these challenges, Cyxtera entered into a restructuring support agreement with its senior secured lenders. The agreement aimed to facilitate value-maximizing restructuring transactions through the timely confirmation and implementation of a restructuring plan. This plan encompassed a marketing process, cost and expense reductions, restructuring of the data centre lease portfolio, and refinancing significant debts.

A&M was appointed as the Information Officer, with McMillan providing representation. Gowlings served as Canadian counsel, while Kirkland & Ellis acted as US counsel for the companies involved in the restructuring process.