$1 billion is nice to add to the bottom line.
Fez
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Global Crossing Seeks Over $1 Billion in Suit Against Tyco Submarine Systems
HAMILTON, Bermuda--(BUSINESS WIRE)--May 22, 2000--Global Crossing Ltd. (Nasdaq:GBLX) and its subsidiary, South American Crossing (Subsea) Ltd., today filed a lawsuit against Tyco Submarine Systems Ltd., a subsidiary of Tyco International Ltd. (NYSE:TYC), in the United States District Court for the Southern District of New York. Global Crossing is seeking damages in excess of $1 billion.
The complaint alleges tortious conduct and breach of contractual obligations related to Tyco's agreements to install the South American Crossing fiber-optic cable system and certain other projects. In addition, Global Crossing's subsidiary, Atlantic Crossing Ltd., together with certain of its affiliates, filed arbitration claims against Tyco for breaches of its obligations in connection with various contracts for the development of the AC-1 System.
"We deeply regret having to resort to litigation with Tyco, our vendor for a number of our early systems," said Leo Hindery, Jr., CEO of Global Crossing. "But after spending nearly a year seeking unsuccessfully to resolve our differences, we have no alternative to legal action in order to enforce our rights and protect our shareholders." |
