Feeds

Bidders flee Global Crossing UK

Administrators poised

  • alert
  • submit to reddit

The Essential Guide to IT Transformation

The UK arm of Global Crossing, the financially stricken US carrier, is to file for administration, following the collapse of an auction for the company, the Sunday Telegraph says.

The two lead contenders were Apax Partners and Scottish and Southern Energy, but Apax pulled out of the race, following its failed attempt to buy Energis. Scottish and Southern did not submit a final bid, according to the Sunday Telegraph, which says an unnamed bidder has offered a knockdown £30m.

Global Crossing UK operates a substantial UK fibre optic network and has a large corporate customer base. It was formed from Racal Telecom, acquired in 1999 for £1bn, but more recently was said to be worth £250m.

But how much now? The company is said to need £30-£80m in funding. Administration will give it some breathing space, while buyers for some or all of its assets emerge.

Global Crossing US went into Chapter 11 on January 28. ®

Related stories

Telegraph article
Global Crossing takes $8bn charge
Energis reborn as 'Chelys,' but still called Energis

Boost IT visibility and business value

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.