October 17, 2001 |
TyCom Ltd., the biggest maker of undersea fiber-optic cable, and Global Crossing Ltd. settled all claims related to the construction and operation of part of Global Crossing's phone and data network. The companies didn't disclose the terms of the settlement. Last year, Global Crossing sued TyCom's parent, Tyco International Ltd., for at least $1 billion, claiming the unit shared confidential information with a rival.
May 4, 2004 |
Global Crossing Ltd., the fiber-optic network that listed on the Nasdaq Stock Market less than four months ago, said Monday that it might be delisted because of an accounting review. The company last week announced that it would restate last year's results and review its 2002 results. The company emerged from two years of bankruptcy protection less than six months ago. Global Crossing shares rose 15 cents to $7.30 on Nasdaq.
August 3, 2002 |
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.
March 22, 2003 |
Richard Perle, a Defense Department advisor, said he is helping Global Crossing Ltd. try to win government approval of its sale to foreign companies, a deal that has prompted concerns about national security. Perle would receive $725,000 for his work, including $600,000 if the government approves Global Crossing's sale to a joint venture of two Asian firms, according to lawyers and others involved in the bankruptcy case.
January 1, 2003 |
The board of Global Crossing Ltd. named Myron E. Ullman and Jeremiah D. Lambert as co-chairmen. The appointments replace Gary Winnick, the company's founder who announced his resignation on Monday, and Lodwrick Cook, who resigned as co-chairman on Tuesday but will remain a member of the board. Winnick presided over the explosive growth of the telecommunications firm, sold hundreds of millions of dollars in company stock, then saw the company crumble into bankruptcy in January under $12.
November 9, 2002 |
Global Crossing Ltd. reorganized its finance department and reassigned the executive who led the company's accounting department. Joseph Perrone, formerly executive vice president of finance, was moved to the newly created position of executive vice president of business performance, according to an internal announcement.