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18 Sep 2002
The company filed its plan to a Manhattan court over the weekend, based around an injection of $250m from Hong Kong-based Hutchison Whampoa and Singapore Technologies Telemedia, in return for a 61.5% share of the business.
Global Crossing, filed for Chapter 11 bankruptcy protection in January after building up a debt mountain of $12.4bn - the fourth biggest bankruptcy filing in US history after WorldCom and Enron.
The company built a fibre-optic network spanning 100,000 miles and more than 200 major cities in 27 countries before falling victim to the telecoms slump.
It is currently under investigation by chief financial watchdog, the Securities and Exchange Commission, and the US Justice Department over allegations of misreported revenues and costs.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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