CTI Liquidations Co., Inc. — Entry #1122: Chapter 11 Post-Confirmation Report for the Quarter Ending: 09/30/2026 filed by Felice R
Case: CTI Liquidations Co., Inc. njb · 23-14853
filed June 04, 2023
What this document is
Docket entry #1122 · filed October 21, 2026
Chapter 11 Post-Confirmation Report for the Quarter Ending: 09/30/2026 filed by Felice R. Yudkin on behalf of CTI Liquidations Co., Inc.. (Attachments: (1) Supporting Documents) (Yudkin, Felice)
Who is involved
- CTI Liquidations Co., Inc.
- Official Committee of Unsecured Creditors
- U.S. Trustee
Why we have it
We follow this case because it names a company we track, although that company is not a party:
- Marathon Digital: its subsidiary “Sullivan Company” appears in a filing in this case.
…Trenton NJ 08625 NJ SULLIVAN COMPANY INC. MICHELLE FRANCIS…
- CoreWeave: its name “CoreWeave, Inc.” appears in a filing in this case.
…Nashville TN 37203 CoreWeave, Inc.…
A free copy from the RECAP archive of federal court filings (mirrored at the Internet Archive), retrieved November 04, 2026. Federal court filings are public records.
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Case 23-14853-TBA Doc 1122-1 Filed 10/21/26 Entered 10/21/26 14:20:49 Desc
Supporting Documents Page 1 of 5
IN THE UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEW JERSEY
§
In re: § Chapter 11
§
CTI Liquidation Co., Inc. 1 § Case No. 23-14853 (JKS)
§
Post-Effective Date Debtor. § (Jointly Administered)
§
QUARTERLY OPERATING REPORT NOTES
FOR THE QUARTER ENDED SEPTEMBER 30, 2026
INTRODUCTION:
On June 4, 2023, CTI Liquidation Co., Inc. f/k/a Cyxtera Technologies, Inc. and certain of its
affiliates (collectively, the “Debtors”) filed voluntary petitions for relief under Chapter 11 of the
United States Bankruptcy Code with the United States Bankruptcy Court for the District of New
Jersey (the “Court”). On November 17, 2023, the Court entered its Order Confirming the Fourth
Amended Joint Plan of Reorganization of Cyxtera Technologies, Inc. and Its Debtor Affiliates
Pursuant to Chapter 11 of the Bankruptcy Code [Docket No. 718] (the “Confirmation Order”),
which confirmed the Plan.2 The Plan became effective and was substantially consummated on
January 12, 2024 (the “Effective Date”).
Pursuant to the Plan, on the Effective Date, Pirinate Consulting Group and its Sole Member,
Eugene I. Davis, was appointed as the Plan Administrator. The Plan Administrator serves as the
sole representative of the Debtors and Post-Effective Date Debtors and has the powers and
authority to implement the Plan and to administer and distribute the Distribution Reserve Accounts
and wind down the business and affairs of the Debtors and Post-Effective Date Debtors as outlined
in the Plan. The Plan Administrator has signed the QOR as the authorized signatory of the Debtors.
1
The Debtors in these chapter 11 cases, along with the last four digits of the Debtors’ tax identification numbers, are:
CYBORG OLDCO Communications, LLC (7675), CTI Liquidation Co Inc. (3013), CYBORG OLDCO Canada, LLC
(8409), Cyxtera Communications Canada, ULC (1748), CYBORG OLDCO Data Centers, Inc. (9960), CYBORG
OLDCO DC Holdings, Inc. (9358), CYBORG OLDCO DC Parent Holdings, Inc. (9491), CYBORG OLDCO Federal
Group, Inc. (4954), CYBORG OLDCO Management, Inc. (0913), Cyxtera Netherlands B.V. (1564), Cyxtera Canada
TRS, ULC (0701), CYBORG OLDCO Digital Services, LLC (8315), CYBORG OLDCO Employer Services, LLC
(2257), CYBORG OLDCO Holdings, LLC (4212), CYBORG OLDCO Technologies Maryland, Inc. (2896), and
CYBORG OLDCO Technologies, LLC (1569). The location of the Debtors’ service address for purposes of these
chapter 11 cases is: c/o Halperin Battaglia Benzija, LLP 40 Wall Street, 37th Floor, New York, NY 10005.
2
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Plan.
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Supporting Documents Page 2 of 5
The Chapter 11 Case of CTI Liquidation Co., Inc. remains opens (the “Liquidating Debtor”) and
the Final Decrees, of the remaining cases listed below (the “Closed Cases”), were entered on
March 27, 2024 [Docket No. 953].
Debtor Formerly Known As Case No.
CYBORG OLDCO Communications, LLC Cyxtera Communications, LLC 23-14852
CYBORG OLDCO Canada, LLC Cyxtera Canada, LLC 23-14855
CYBORG Communications Canada (Oldco), Cyxtera Communications Canada, 23-14856
ULC ULC
CYBORG OLDCO Data Centers, Inc. Cyxtera Data Centers, Inc. 23-14857
CYBORG OLDCO DC Holdings, Inc. Cyxtera DC Holdings, Inc. 23-14858
CYBORG OLDCO DC Parent Holdings, Inc. Cyxtera DC Parent Holdings, Inc. 23-14859
CYBORG OLDCO Federal Group, Inc. Cyxtera Federal Group, Inc. 23-14862
CYBORG OLDCO Management, Inc. Cyxtera Management, Inc. 23-14864
Cyxtera Netherlands B.V. 23-14865
CYBORG CANADA TRS (OLDCO), ULC Cyxtera Canada TRS, ULC 23-14854
CYBORG OLDCO Digital Services, LLC Cyxtera Digital Services, LLC 23-14860
CYBORG OLDCO Employer Services, LLC Cyxtera Employer Services, LLC 23-14861
CYBORG OLDCO Holdings, LLC Cyxtera Holdings, LLC 23-14863
CYBORG OLDCO Technologies Maryland, Inc. Cyxtera Technologies Maryland, Inc. 23-14866
CYBORG OLDCO Technologies, LLC Cyxtera Technologies, LLC 23-14867
The QOR is unaudited and limited in scope. Information contained in this QOR is derived from
the Post- Effective Date Debtors’ books and records. The Plan Administrator has prepared this
QOR using the best information presently available to them, which has been collected, maintained,
and prepared in accordance with their historical accounting practices, prior to consolidating and
eliminating entries. Accordingly, this QOR is true and accurate to the best of the Post-Effective
Date Debtors’ knowledge, information, and belief, based on currently-available data. There can
be no assurance that such information is complete, and this QOR may be subject to revision. The
Post-Effective Date Debtors’ financial information and the QOR are prepared on a cash basis.
RESERVATION OF RIGHTS:
These QOR has been prepared for the purpose of complying with the quarterly reporting
requirements applicable in a format consistent with the form approved by the U.S. Trustee and
pursuant to Section 3 of the Plan Administrator’s Agreement. The unaudited financial information
has been derived from the books and records of the Post-Effective Date Debtors. The Post-
Effective Date Debtors reserves all rights to dispute the nature, validity, status, enforceability, or
executory natures of any claim amount, agreement, representation, or other statement set forth in
this QOR. Further, the Post-Effective Date Debtors reserve the right to amend or supplement this
QOR, if necessary, but shall be under no obligation to do so.
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Supporting Documents Page 3 of 5
ASSETS TRANSFERRED ON THE EFFECTIVE DATE
On the Effective Date, the following assets were transferred to the Plan Administrator and to the
GUC Trust and were included in the disbursements of the Debtors in the final Monthly Operating
Reports submitted to the Court (in 000’s).
Reserve Total
Wind-down Expenses $ 8,330.0
Reserve for Income Taxes 3,700.0
Claims Reserve 5,000.0
Letter of Credit Reserve 2,139.4
Litigation Reserve 1,000.0
Winddown Exp Reserve 1,000.0
$ 21,169.4
GUC TRUST $ 8,650.0
In addition, $38.55 million was transferred to the Professional Fee Escrow Account. Similarly,
this transfer was included in the Debtors’ final Monthly Operating Report. In May 2024, after
paying all Final Fee Applications, approximately $7.98 million from the Professional Fee Escrow
Account was transferred to the Plan Administrator and is included in the Reserve for First Lien
Claims.
STATEMENT OF CASH FLOWS
For the quarter July 1, 2026 to September 30, 2026 (in 000’s):
Wind-down & Reserve for
Litigation Reserve for Claims Letter of First Lien
Reserves Income Taxes Reserve Credit Reserve Claims Total
Cash Receipts
Other $ 27 $ - $ - $ - $ - $ 27
Interest/Dividend Income 119 - - - - 119
Total Cash Receipts 146 - - - - 146
Cash Disbursements
Professional Fees (53) - - - - (53)
Plan Administrator Fee (75) - - - - (75)
Insurance - - - - - -
Taxes (3) - - - - (3)
US Trustee Fee (1) - - - - (1)
(132) - - - - (132)
Payments Under the Plan
Secured Claims - - - - - -
Administrative Claims - - - - - -
Priority Claims - - - - - -
- - - - - -
Total Cash Disbursements (132) - - - - (132)
Net Cash Flow 14 - - - - 14
Interfund Transfers - - - - - -
Total Change in Cash 14 - - - - 14
Opening Cash Balance, Jul 1, 2026 10,081 2,156 2,996 - 170 15,404
Ending Cash Balance, Sep 30, 2026 $ 10,095 $ 2,156 $ 2,996 $ - $ 170 $ 15,417
(see notes on the following page)
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Supporting Documents Page 4 of 5
For the period January 13, 2024 to September 30, 2026 (in 000’s):
Wind-down & Reserve for
Litigation Reserve for Claims Letter of First Lien
Reserves Income Taxes Reserve Credit Reserve Claims Total
Cash Receipts
Other $ 2,842 $ - $ - $ - $ 64,333 $ 67,175
Interest/Dividend Income 1,774 - - - 743 2,517
Total Cash Receipts 4,616 - - - 65,076 69,692
Cash Disbursements
Professional Fees (2,625) - - - - (2,625)
Plan Administrator Fee (825) - - - - (825)
Insurance (108) - - - - (108)
Taxes (13) (1,544) - - - (1,557)
US Trustee Fee (1,307) - - - - (1,307)
(4,878) (1,544) - - - (6,422)
Payments Under the Plan
Secured Claims - - - - (68,367) (68,367)
Administrative Claims - - (583) - - (583)
Priority Claims - - (72) - - (72)
- - (655) - (68,367) (69,022)
Total Cash Disbursements (4,878) (1,544) (655) - (68,367) (75,444)
Net Cash Flow (262) (1,544) (655) - (3,291) (5,752)
Interfund Transfers - - (1,349) (2,139) 3,488 -
Total Change in Cash (262) (1,544) (2,004) (2,139) 197 (5,752)
Opening Cash Balance, Jan 13, 2024 10,330 3,700 5,000 2,139 - 21,169
Ending Cash Balance, Sep 30, 2026 $ 10,068 $ 2,156 $ 2,996 $ - $ 197 $ 15,417
Notes to the Quarterly Operating Reports and Statement of Cash Flows.
(1) This QOR is for the quarter ended September 30, 2026 and the post-emergence period
January 13, 2024 to September 30, 2026.
(2) The financial information contained herein is presented on a preliminary and unaudited
basis and remains subject to adjustments.
(3) All figures include both cash and restricted cash as reported in the bank statements.
Reconciling differences will exist between bank statement balances and balance sheet cash
balances due to routine timing differences between payment execution by the Debtors’
financial system and disbursement of funds from respective bank accounts.
(4) During the quarter ended March 31, 2024, Final Fee Applications for Pre-Emergence
Retained Professionals were approved by the Court and were paid by the Professional Fee
Escrow Account and are not included in the Statement of Cash Flows. In May, 2024, after
paying all Final Fee Applications, approximately $7.98 million from the Professional Fee
Escrow Account was transferred to the Plan Administrator and is included in the Reserve
for First Lien Claims and/or Expenses.
(5) Subsequent to the Effective Date, $772,000 was transferred to the Plan Administrator to
pay the fourth quarter US Trustee Fees and ordinary course professional fees, which were
not paid prior to closing. In addition, $7.2 million was received by the Debtors after
distribution to the First Lien Lenders on or about the Effective Date and is being held by
the Plan Administrator in reserve to be distributed to the First Lien Claims under the Plan.
(6) Under the APA, the Debtors funded the Adjustment Escrow Amount of $30 million (“the
Working Capital Escrow”). The funding of the Working Capital Escrow was included as
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Supporting Documents Page 5 of 5
a disbursement in the Debtors’ Monthly Operating Reports. In August 2024, the
Adjustment Amount under the APA was finalized and the $30 million Working Capital
Escrow plus $12.5 million from the Purchaser as well as interest earned on the Working
Capital Escrow of approximately $346,000, was transferred to the Plan Administrator and
is included in the Reserve for First Lien Claims and/or Expenses.
(7) Post Emergence through September 30, 2026, the Plan Administrator has distributed
$68.37 million to the First Lien Claims. The Plan Administrator continues to hold
approximately $170,200 for First Lien Claims, related to returned wires and for parties
which have not provided tax information. This amount is included in Reserve for First
Lien Claims.
(8) The GUC Trust is not included in the Statement of Cash Flows. On the Effective Date, the
GUC Trust received $8.65 million. As of the date of this report, the GUC Trust has not
Allowed or paid any General Unsecured Claims.
(9) Under the Plan, no distribution is anticipated to Equity Interests.
(10) Inception to date September 30, 2026, total disbursements by the Plan Administrator and
from the Professional Fee Escrow Account were approximately $105.2 million, and
therefore were greater than the sum of the cash transferred to the Plan Administrator at
Emergence, Working Capital Escrow, and the Professional Fee Escrow which totaled
$89.72 million (collectively, the “Initial Funding”). Accordingly, the Plan Administrator
has reflected the excess of approximately $132,000 and $15.5 million in the QOR for the
quarter ended and Inception to date September 30, 2026, respectively, as “disbursements”
for purposes of 28 U.S.C. § 1930(a)(6) in Part 1: Summary of Post-confirmation Transfers
in the Post-conformation report of CTI Liquidation Co., Inc.
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