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To: qveauriche who started this subject	2/22/2002 2:47:50 AM
From: Maurice Winn	Read Replies (1) of 586

nytimes.com <February 21, 2002 Global Crossing to File Another Plan By THE ASSOCIATED PRESS Filed at 8:33 p.m. ET LOS ANGELES (AP) -- A group of Global Crossing Ltd. (news/quote) shareholders intends to file an alternative rescue plan Friday for the telecom network firm that would save investors' holdings and kick out many of the top executives....snip/ /snip...As part of Global Crossing's own bankruptcy plan, two Asian firms would receive 79 percent of the company in return for investing $750 million. Creditors would jointly own 21 percent and receive $300 million in return for forgiving about $12.4 billion of debt. A court hearing on the sale procedures is scheduled for March 7. It isn't clear how much money shareholders who support the plan will receive, but many shareholders interviewed said they still believe Global Crossing's fiber optic network linking 27 countries is a winning investment. They said the assets had been mismanaged by a team of executives who misled investors.> That looks a good deal to creditors at current senior note prices. Mq

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