Global Crossing Ltd

Fiber Optek Interconnect Corp., a closely held telecommunications company with $8 million in annual sales, said it may bid for Global Crossing Ltd., which filed for Chapter 11 bankruptcy reorganization Jan. 28. Michael Pascazi, president of the Wappingers Falls, N.Y., company, wouldn't say how his firm would raise the more than $750million it probably would need. Global Crossing, which is talking to about 40 parties about potential bids for its fiber-optic network assets, declined to comment.

Global Crossing Ltd. said Wednesday that federal prosecutors in Los Angeles will investigate allegations that two employees shredded documents at the Madison, N.J., offices of the bankrupt fiber-optic network builder after government investigations began. Global Crossing has said that documents unrelated to government and securities fraud lawsuits were destroyed at five of its U.S. and Canadian offices, but not at its U.S. headquarters.

Global Crossing Ltd., whose bankruptcy filing two years ago cost investors $40 billion, plans to emerge from Chapter 11 protection as early as this week, people familiar with the matter said. Singapore Technologies Telemedia, which is controlled by Singapore's government, will own a 61.5% stake in the company after paying $250 million. Creditors will own the rest.

Global Crossing Ltd. said Friday that multiple bidders submitted offers this week to buy the telecommunications company and bring it out of bankruptcy. In a conference call with employees, Chief Executive John Legere was upbeat Friday, saying the company got "what we had hoped for and worked so hard for" from the bidding process, which officially began when interested investors submitted formal offers late Thursday.

The Pentagon plans to oppose an agreement by Singapore Technologies Telemedia to buy a majority stake in Global Crossing Ltd., an official familiar with the situation said Tuesday. Defense Department officials cited national security concerns in a memorandum to oppose the acquisition of the 61.5% stake by STT, which is owned by an arm of the Singapore government, said the official who asked not to be identified.

Global Crossing Ltd., which filed the fourth-largest bankruptcy in U.S. history, will lose a contract to provide $300 million of services to Swift, a group of global financial institutions. The Bermuda-based data network operator will sign a new agreement in which it will no longer be the exclusive data-transport provider for Swift, a consortium of 7,000 banks that processes $6 trillion in transactions daily.

Global Crossing Ltd. said Wednesday that its loss widened and its cash balance fell in March but that the company is on track to survive bankruptcy. The telecommunications company, which filed for Bankruptcy Court protection Jan. 28, said its operating loss grew to $171 million, or 19 cents a share, compared with an operating loss of $152 million, or 17 cents, in February. As of March 31, the company had about $894 million in cash listed on its balance sheet, down from about $1.

Despite posting a small but crucial gain in service revenue, Global Crossing Ltd. said Thursday that overall sales fell and its net loss rose nearly 14% in September compared with the previous month. The Bermuda-based company, which filed for bankruptcy protection in January, said the results show that Global Crossing is meeting its projections and is on track to emerge from Chapter 11 proceedings at the end of the year.

Fiber-optic network operator Global Crossing Ltd., which exited bankruptcy protection in December, said it would restate 2003 results after underestimating some liabilities. Its shares tumbled 27%. The restatement, which is tied to money Global Crossing may owe other carriers to use their networks, is the latest misstep for the company, which already is under investigation by regulators in a separate accounting matter.

Long-distance phone company Frontier Corp. has rejected Qwest Communications International's surprise $11-billion takeover bid and will continue with its existing agreement to be bought by Global Crossing Ltd. In a statement issued late Thursday, Frontier said it had carefully reviewed Qwest's June 13 unsolicited offer and determined that "the current circumstances surrounding the Qwest proposal do not warrant any change at this time." Rochester, N.Y.