Feeds

Global Crossing gets $100m boost

Big loan, strings attached

  • alert
  • submit to reddit

Boost IT visibility and business value

Global Crossing, the formerly-bankrupt fibre provider, has received the first slice of a $100m loan from Singapore Technologies Telemedia (STT). The deal was delayed while Global Crossing sorted out yet more accounting problems.

The loan was looking doubtful because in April Global Crossing found yet more problems with its accounts, this time for the years 2003 and 2002. Provided it continues to meet conditions, Global Crossing will get another $40m on 1 August and a final payment of $20m on 1 October.

Under the terms of the loan agreement STT should have received a report from Deloitte and Touche regarding cost of access before paying the first tranche - that report must now be ready before the next payment date of 1 August.

Global Crossing was one of the biggest casualties of the internet/telco bubble which saw its shares divebomb from $64 a share to just $.02. It filed for bankrupcy protection or Chapter 11 in January 2002 just days before the FBI and SEC made public a fraud investigation. ®

Global Crossing press release.

Related stories

Global Crossing to restate results
Global Crossing bankruptcy plan approved
Hutchison, ST buy Global Crossing

Seven Steps to Software Security

More from The Register

next story
Scotland's BIG question: Will independence cost me my broadband?
They can take our lives, but they'll never take our SPECTRUM
Auntie remains MYSTIFIED by that weekend BBC iPlayer and website outage
Still doing 'forensics' on the caching layer – Beeb digi wonk
Bring back error correction, say Danish 'net boffins
We don't need no steenkin' TCP/IP retransmission and the congestion it causes
NBN Co adds apartments to FTTP rollout
Commercial trial locations to go live in September
Samsung Z Tizen OS mobe is post-phoned – this time for good?
Russian launch for Sammy's non-droid knocked back
Telstra to KILL 2G network by end of 2016
GSM now stands for Grave-Seeking-Mobile network
Seeking LTE expert to insert small cells into BT customers' places
Is this the first step to a FON-a-like 4G network?
What FTC lawsuit? T-Mobile US touts 10GB, $100 family-of-4 plan
Folks 'could use that money for more important things' says CEO Legere
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.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Securing Web Applications Made Simple and Scalable
Learn how automated security testing can provide a simple and scalable way to protect your web applications.