Cyxtera is now a post-confirmation liquidation and wind-down case: the plan has been effective since January 12, 2024, most affiliate cases have been closed, and CTI Liquidation Co., Inc. remains open to administer reserves, claims, and residual distributions through the plan administrator, as reflected in the post-confirmation report for the quarter ended March 31, 2026Dkt. 1111.
The company entered chapter 11 on June 4, 2023 after a capital structure built around first-lien term loans, a revolver, and a bridge facility ran into near-term 2024 maturities and a sharply higher interest-rate environment. Cyxtera’s business was still operating at scale, with a global data-center colocation and interconnection platform and recurring customer revenue, but its annualized interest expense had more than doubled from $35.9 million in the first quarter of 2022 to $75.7 million in the first quarter of 2023, while funded debt stood at roughly $1.020 billion at filing. The Koza first-day declarationDkt. 20 describes the prepetition effort to address that pressure through strategic alternatives, including lender negotiations and a May 4, 2023 restructuring support agreement backed by holders of about 64% of first-lien claims.
The case was filed with a dual-track restructuring strategy rather than a simple balance-sheet proceeding. The debtors sought chapter 11 protection through the voluntary petitionDkt. 1 and pursued a path supported by $200 million of DIP financing, consisting of $150 million of new-money term loans plus roll-up features, while continuing a sale process that had already reached 75 potential parties, 37 executed NDAs, and six whole-company indications of interest. That process ultimately produced a confirmed plan and a post-effective-date liquidation structure rather than an operating-company reorganization.
As of the March 31, 2026 reporting date, the estate held $15.244 million of cash across wind-down, litigation, claims, tax, and first-lien reserves, after $238,277 of quarterly disbursements and $15.018 million of cumulative post-effective-date disbursements. Allowed secured claims totaled about $1.014 billion, with $696.156 million paid, or 69%, while administrative and priority claims had been paid in full; the GUC Trust had received $8.65 million on the effective date but had not yet allowed or paid general unsecured claims. The remaining case posture is therefore administrative: resolve reserves, returned wires or missing tax information for first-lien distributions, any remaining claims work, and the final wind-down of CTI Liquidation Co., Inc.
