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Strategies & Market Trends : Paint The Table -- Ignore unavailable to you. Want to Upgrade?

To: Augustus Gloop who wrote (17314)	3/3/2002 5:26:29 PM
From: Augustus Gloop	Respond to of 23786

BEVERLY HILLS, Calif. (CBS.MW) -- A private investment group known for its turnaround prowess reportedly is poised to make a buyout bid for Global Crossing as early as this week, the Los Angeles Times reported Sunday. No purchase price was disclosed, but an unnamed source told the Times the offer would have "substantially more value" than a $750 million proposal by two Asian companies. An offer by Gores Technology Group would mark the third proposal for the bankrupt telecommunications company since it filed for court protection in late January. Global Crossing's debt spiraled out of control after it lost more than $5 billion building an expansive fiber-optic network and faced slowing demand for space on that network. Global Crossing (GBLXQ: news, chart, profile) reported $22.4 billion in assets and $12.3 billion in debt at the time of its filing, the fourth-largest bankruptcy in U.S. history. The Securities and Exchange Commission and the Federal Bureau of Investigation are probing its accounting practices as the company's financial health worsened. Gores Technology Group is known as a turnaround specialist for tech companies. In October 2000, Gores made its biggest acquisition by scooping up the Learning Company, Mattel's children's software division. Many analysts say that Global Crossing, which is incorporated in Bermuda but headquartered in Beverly Hills, could survive and perhaps even prosper from its worldwide communications infrastructure if its debts were brought under control. Kristen Gerencher is a reporter for CBS.MarketWatch.com in San Francisco.