Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who started this subject	8/9/2002 9:57:51 AM
From: AC Flyer	Read Replies (1) of 74559

Market clearing: Jay Chen's uncle just made a good deal. The process of cleaning up the malinvestments of the bubble-era continues. And, as another poster to this thread recently pointed out so eloquently (sorry, forgot your alias, chime in), what we're left with is a high speed fiber network that has been written down to about 5% of its construction cost. This is a good thing, btw, for everyone but the original investors. Global Crossing Sale Announced 08/09/2002 08:35:29 EST NEW YORK (AP) - Global Crossing said Friday it has reached a new deal to sell itself to the same Asian companies that tried to buy the fiber-optic network company when it first filed for bankruptcy. The deal with Hutchison Whampoa and Singapore Technologies places a value of just $750 million on a venture that piled up $12.4 billion in debts building a vast worldwide communications network at the height of the Internet boom. The Asian companies have agreed to invest $250 million in cash in Global Crossing's business. In addition, they will pay $300 million in cash and issue $200 million in notes to Global Crossings assorted lendors and creditors.<<

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