GX Lee Ka-shing and Other Investors Vow to "Save" Global Crossing
CHINA, Dec 26, 2001 (AsiaPort via COMTEX) -- The Global Crossing, a Telecom
Company with a heavy debt, will obtain at least USD1 billion of investments from
Lee Ka-shing as well as other potential investors, including Singapore Telecom
and Deutsche Telecom. The Global Crossing has expressed its hope to undergo
regrouping through taking in investments, so as to spare the need of applying
for the bankruptcy protection order. However, investors need to hold negotiation
talks with the Global Crossing's creditors, including JP Morgen and Citibank
N.A.
According to insiders, Lee Ka-shing has vowed to inject at least USD1 billion to
"save" the Global Crossing. As to the Singapore Telecom and Deutsche Telecom,
they have both pledged to invest a large sum.
Statistics show that the Global Crossing lost USD3.35 billion during the third
quarter of this year. Meanwhile, its debt and preference stock reached USD10.9
billion, including USD2.2 billion of banking loans and USD750 million of annual
interest rate.
In addition, the Global Crossing has announced to reduce its capital expenditure
from present USD4 billion to USD1.25 billion next year.
From GD-HK Information Daily, Page 3, Monday, December 24, 2001
info@AsiaPort.Com
Copyright (C) 2001 Alestron, All rights reserved
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KEYWORD: CHINA
INDUSTRY KEYWORD: Joint Venture
International Exchange
SUBJECT CODE: General News and News in Other Industries
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