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BUSINESS
July 2, 2003 | From Dow Jones/Associated Press
Troubled telecommunications company Global Crossing Ltd. on Tuesday won its bid to continue exclusive talks to be bought by Singapore Technologies Telemedia. The decision, issued by U.S. Bankruptcy Judge Robert E. Gerber, represents a loss for XO Communications Inc. and other suitors who have been blocked by the court-mandated exclusivity period. The judge agreed to extend that period until Oct. 28.
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BUSINESS
April 12, 2011
Key events in the history of Global Crossing Ltd. 1997: Founded by Los Angeles financier Gary Winnick 1998: Raises $400 million in an initial public stock offering 1999: Buys long-distance company Frontier Communications, British network operator Racal Telecom, and Cable & Wireless Global Marine, an underwater cable construction and maintenance firm 2000: Affiliate Asia Global Crossing raises $455 million in initial public stock...
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BUSINESS
April 12, 2011
Key events in the history of Global Crossing Ltd. 1997: Founded by Los Angeles financier Gary Winnick 1998: Raises $400 million in an initial public stock offering 1999: Buys long-distance company Frontier Communications, British network operator Racal Telecom, and Cable & Wireless Global Marine, an underwater cable construction and maintenance firm 2000: Affiliate Asia Global Crossing raises $455 million in initial public stock...
BUSINESS
October 10, 2003 | From Reuters
Telecommunications company Global Crossing Ltd. could emerge from bankruptcy protection as early as next week after regulators cleared the $250-million sale of a majority stake to Singapore Technologies Telemedia, people familiar with the deal said Thursday. STT's bid to buy a 61.5% stake in Global Crossing must close by Oct. 14, under an earlier agreement. "Both parties are working very hard to meet that deadline.
BUSINESS
July 17, 2003 | From Bloomberg News
Singapore Technologies Telemedia's proposed acquisition of Global Crossing Ltd. is being formally opposed by the U.S. Defense Department because of national security concerns, according to federal officials. The Pentagon is concerned about foreign ownership of Global Crossing because it provides the U.S. with commercial and military Internet links. The objection was conveyed July 11 in a letter to the Treasury Department, an official familiar with the letter said.
BUSINESS
May 1, 2003 | From Reuters
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.
BUSINESS
June 3, 2003 | From Reuters
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.
BUSINESS
October 10, 2003 | From Reuters
Telecommunications company Global Crossing Ltd. could emerge from bankruptcy protection as early as next week after regulators cleared the $250-million sale of a majority stake to Singapore Technologies Telemedia, people familiar with the deal said Thursday. STT's bid to buy a 61.5% stake in Global Crossing must close by Oct. 14, under an earlier agreement. "Both parties are working very hard to meet that deadline.
BUSINESS
July 9, 2003 | From Reuters
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.
BUSINESS
August 18, 2002 | ELIZABETH DOUGLASS and JUBE SHIVER Jr., TIMES STAFF WRITERS
Global Crossing Ltd.'s deal to be acquired by two Asian conglomerates is a critical first step to salvaging the telecommunications firm, but the company's survival is far from a sure thing. The fiber-optic network operator is losing money, the telecom market still suffers from brutal competition and overcapacity, and the deal with Hutchison Whampoa Ltd. and Singapore Technologies Telemedia doesn't add one penny to Global Crossing's coffers.
BUSINESS
July 17, 2003 | From Bloomberg News
Singapore Technologies Telemedia's proposed acquisition of Global Crossing Ltd. is being formally opposed by the U.S. Defense Department because of national security concerns, according to federal officials. The Pentagon is concerned about foreign ownership of Global Crossing because it provides the U.S. with commercial and military Internet links. The objection was conveyed July 11 in a letter to the Treasury Department, an official familiar with the letter said.
BUSINESS
July 9, 2003 | From Reuters
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.
BUSINESS
July 2, 2003 | From Dow Jones/Associated Press
Troubled telecommunications company Global Crossing Ltd. on Tuesday won its bid to continue exclusive talks to be bought by Singapore Technologies Telemedia. The decision, issued by U.S. Bankruptcy Judge Robert E. Gerber, represents a loss for XO Communications Inc. and other suitors who have been blocked by the court-mandated exclusivity period. The judge agreed to extend that period until Oct. 28.
BUSINESS
June 3, 2003 | From Reuters
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.
BUSINESS
May 1, 2003 | From Reuters
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.
BUSINESS
August 18, 2002 | ELIZABETH DOUGLASS and JUBE SHIVER Jr., TIMES STAFF WRITERS
Global Crossing Ltd.'s deal to be acquired by two Asian conglomerates is a critical first step to salvaging the telecommunications firm, but the company's survival is far from a sure thing. The fiber-optic network operator is losing money, the telecom market still suffers from brutal competition and overcapacity, and the deal with Hutchison Whampoa Ltd. and Singapore Technologies Telemedia doesn't add one penny to Global Crossing's coffers.
BUSINESS
February 25, 2003 | From Bloomberg News
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.
BUSINESS
September 20, 2003
* Global Crossing Ltd. will be allowed to sell a majority stake to a company owned by the Singapore government, a move that could end 20 months of uncertainty for the U.S. fiber optic network operator. President Bush said in a letter to Congress that he would take "no action to suspend or prohibit" Global Crossing's plan to sell a 61.5% stake to Singapore Technologies Telemedia for $250 million. * Merck & Co.
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