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Global Crossing Again Delays Decision on Sale

August 03, 2002|James S. Granelli

Global Crossing Ltd. and its creditors again delayed a decision on whether to sell the company's worldwide fiber-optic network and other assets--and which bid to approve.

The company, which is negotiating for better offers from three bidders seeking to buy the entire company, said it would make a recommendation Tuesday. A judge at a hearing scheduled for Wednesday could consider approving a winning bid, which would bring the company out of the nation's fifth-largest Chapter 11 bankruptcy case.

The company's chief executive, John Legere, canceled other appointments Friday to focus on talks with two bidders that initiated talks in the last month.

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