Feeds

Bidders flee Global Crossing UK

Administrators poised

  • alert
  • submit to reddit

Providing a secure and efficient Helpdesk

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

Providing a secure and efficient Helpdesk

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
Vodafone to buy 140 Phones 4u stores from stricken retailer
887 jobs 'preserved' in the process, says administrator PwC
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.