In March 2023, Cyxtera initiated a marketing process, led by investment banker Guggenheim Securities, with the aim of identifying third parties interested in a potential sale transaction, reports Dgtl Infra. Simultaneously, the company was engaged in negotiations with first lien lenders to facilitate a comprehensive restructuring transaction.
According to US media reports, Cyxtera Technologies, Digital Core REIT’s second largest tenant and Mapletree Industrial Trust (SGX:ME8U
) ’s third largest tenant, has received six letters of intent (LOI) to acquire it. Cyxtera is also a tenant of Keppel DC REIT in Europe.
On June 4, Cyxtera voluntarily filed for Chapter 11 bankruptcy relief and is seeking court approval for a series of steps to sell or attract investment for its reorganised assets, US media report. According to Dgtl Infra Real Estate 2.0, the process involves setting up marketing, auction and bidding procedures aimed at identifying the highest or most beneficial offers, with the ultimate goal of maximising value for its first lien lenders.
