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Round Table

Posted: 8/2003

… ON GLOBAL CROSSING’S PROPOSAL TO
SELL A MAJORITY STAKE IN THE BANKRUPT FIRM TO SINGAPORE TECHNOLOGIES TELEMEDIA
PTE.

"Global Crossing’s prolonged bankruptcy and dwindling cash reserves
are expected to result in continued erosion of its customer base unless an
alternative offer is put in place."

–Brian Oliver, executive vice
president of strategy and corporate development, XO Communications Inc.

"Any new bids have to be
analyzed in light of the fact that such bids could inject substantial delay into
Global Crossing’s efforts to emerge from bankruptcy as it would require the
parties to negotiate a new purchase agreement, prepare a new plan of
reorganization for solicitation amongst all the creditors and pursue new
regulatory approvals."

— Letter filed to the federal
government on behalf of Global Crossing’s Official Committee of Unsecured
Creditors

"Such substantial ownership and
control of U.S. critical infrastructure and other telecommunications assets by a
foreign government — even a friendly foreign government such as Singapore —
raises serious concerns about U.S. security and competitive telecommunications
markets."

–Senators Conrad Burns
(R-Mont.) and Ernest Hollings (D-S.C.) in a letter submitted to FCC Chairman
Michael Powell

 

Links
Global Crossing Ltd. www.globalcrossing.com
XO Communications Inc. www.xo.com

 


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