February 25, 2003 |
IDT Corp., a long-distance telephone and Internet services company, plans to bid for Global Crossing Ltd., a fiber-optic network operator that had agreed to sell a majority stake to two Asian companies. IDT plans to present a bid in Bankruptcy Court today, Chairman Howard Jonas said, as it tries to win control from Hutchison Whampoa Ltd. and Singapore Technologies Telemedia. They have agreed to pay $250 million for a 61.5% stake in Global. Shares of IDT, based in Newark, N.J.
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.
January 27, 1999 |
Global Crossing Ltd., the developer of a high-capacity global fiber-optic network, said it has signed an agreement with Lucent Technologies Inc., the Murray Hill, N.J.-based communications giant, that will give Global access to Lucent's technology for fiber-optic systems. Terms were not disclosed.
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.