Data center company Cyxtera Technologies plans to ask a group of lenders to push back maturities on company debt.

Bloomberg Law reports that the company is also planning to ask lenders to agree to turn part of their debt holdings into equity. The publication last month reported that Cyxtera had tapped Guggenheim Partners to advise it on how to solve its upcoming debt deadlines.

Cyxtera has undertaken "protracted and still unsuccessful efforts to facilitate a refinancing of its revolver well in advance of a November 1, 2023 maturity ($42 million was outstanding as of September 30, 2022)," investors service Moody's said in a separate notice.

The ratings agency noted that while it believed in Cyxtera's underlying business fundamentals and booking trends, the company's "capital structure is currently untenable without better visibility into its refinancing path progress. Moody's believes the possibility of default via distressed debt exchanges or a restructuring over the next few months is a significant and increasing risk."

Moody's has downgraded Cyxtera's corporate family rating (CFR) from B3 to Caa2. CFRs are long-term ratings that represent the likelihood of a default on a corporate family's debt and debt-like obligations and the expected financial loss suffered in the event of default.

Last week, Truist Financial and Citigroup lowered their target price on shares of Cyxtera, while BNP Paribas and Exane BNP issued an "underperform" rating for the company. Investor Fmr reduced its 13.56 percent stake in the company to 11.272 percent.

Cyxtera, which was formed out of CenturyLink’s colocation business, went public via a SPAC in 2021. Within a year, the company was looking to return to being private, but has been unable to find a company to acquire it.

Last week, an extended outage impacting Oracle NetSuite services was blamed on a fire at Cyxtera's Boston data center.