The news will come as a relief to its customers of Globix main UK data centre in the City of London and its 2000 customers around the world.
Globix said it now had a ‘sound balance sheet and a substantial cashposition’.
‘Our mission remains the same – to focus on the high level of availability and service delivery that has been the foundation of our business,” said chief executive Peter Herzig.
‘We believe that there is a strong opportunity for increased revenue growth in the US and UK web-hosting marketplaces.’
Through the financial restructuring, the company’s bondholders exchanged thecurrent $600m indebtedness for $120m in senior secured notes, due in 2008, with interest at 11% payable in kind for up to four years.
The new board of directors of the reorganized company will meet for thefirst time today, Herzig confirmed.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children