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Technology Stocks : GX Investors Thread -- Ignore unavailable to you. Want to Upgrade?

To: tech101 who wrote (473)	12/12/2001 5:10:45 PM
From: John Curtis	Read Replies (1) \| Respond to of 586

Anyone care to comment on the JP Morgan rumor that's now out there in after hours? biz.yahoo.com NEW YORK, Dec 12 (Reuters) - J.P. Morgan said on Wednesday that Global Crossing Ltd.'s (NYSE:GX - news) bank debt is ``trading off dramatically today'' amid a market rumor that the company's subsidiary will draw down a bank facility Global Crossing had previously offered. ``The bank debt market is trading off, we believe, on a rumor that Global Crossing's subsidiary Asia Global Crossing (NYSE:AX - news) has, or is about to, draw down $200 million of a $400 million bank facility (that Global Crossing) previously agreed to make available,'' J.P. Morgan said in a research note. ``The timing is potentially troubling given that Global Crossing is in publicy dislosed negotations with its banks to restructure convenants that will be violated as of the end of the quarter,'' J.P. Morgan said. ``If Asia Global Crossing is drawing down on its credit facility, it could represent an attempt to shield this money from a potential Chapter 11 filing and that appears the source of concern driving the bank market today,'' the firm said. Representatives from Global Crossing did not immediately return calls seeking comment. Asia Global Crossing could not be immediately reached for comment. John~