June 25, 2003 |
Carl Icahn's XO Communications Inc. raised to $495 million its offer to buy debt held by bank lenders to Global Crossing Ltd. in a bid to win control of the bankrupt network operator and scuttle a previous sale agreement. XO wants Global Crossing's 100,000-mile fiber optic network for sending phone calls and data at high speeds and has said it also would pay $700 million for the company's assets. Global Crossing and its bondholders had agreed to sell a 61.
June 13, 2003 |
Carl Icahn's XO Communications Inc. said it might offer $700 million in cash for Global Crossing Ltd. after an initial offer, which included notes and warrants, was spurned by creditors of the ailing optical network operator. XO said it also might offer $472.5 million for the company's bank debt, on the condition Global Crossing cancels an agreement to sell control to Singapore Technologies Telemedia.
June 3, 2003 |
Singapore Technologies Telemedia has a binding contract to buy Global Crossing Ltd. that forbids the telecom firm, which is in bankruptcy proceedings, from considering an offer from investor Carl Icahn, a source close to the deal said. Billionaire Icahn's U.S.-based XO Communications Inc. said Friday that it offered more than $700 million to buy Global Crossing. That compares with the $250 million that state-controlled telecom group ST Telemedia has agreed to pay for a 61.5% stake in the U.S.
May 1, 2003 |
Hutchison Whampoa Ltd. said it would exit an agreement to buy a stake in Global Crossing Ltd. because of U.S. regulatory resistance, leaving Singapore Technologies Telemedia as the sole investor to gain control of the telecommunications company. Hutchison decided to walk away after the U.S. government intensified its formal probe of Global Crossing's deal to sell a majority stake to the two Asian companies for $250 million. U.S.
April 22, 2003 |
A Phoenix buyout firm best known for its real estate investments said Monday that it had agreed to pay $63 million for an undersea cable network built by Global Crossing Ltd. and two affiliates. Pivotal Private Equity, whose parent firm owns the Century Plaza and St. Regis hotels in Los Angeles, said it planned to get into the telecommunications business by buying Pacific Crossing Ltd.'s two lines connecting the U.S. to Japan and the rest of Asia.
March 27, 2003 |
Global Crossing Ltd. has told federal regulators that it is considering an arrangement to limit Hutchison Whampoa Ltd.'s role in the company, according to a letter filed with the Federal Communications Commission. This is the first time the company has acknowledged publicly that it was working to restructure the deal to appease U.S. national security officials. Hutchison may become a silent partner, but Global said it would not materially change the deal.
March 26, 2003 |
The judge overseeing the fraud case against fiber-optic network operator Global Crossing Ltd. threw out a lawsuit accusing former President Clinton of helping to inflate the company's stock price in return for a donation to his presidential library. U.S.
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.
March 11, 2003 |
An internal investigation at Global Crossing Ltd. absolved senior managers Monday of creating sham swaps of fiber-optic network capacity to boost sales and stock prices, but the lawyer for a fired executive who raised the charges called the report a "complete and utter whitewash."