BusinessBusiness RecoveryBidders line up for Global Crossing

Bidders line up for Global Crossing

Bidding for the once high-flying global telecommunications company Global Crossing looks set to heat up as European operators line up to take advantage of the operators demise.

According to reports, the Infonet Services Corporation together with financial investors, is examining a potential bid for Global Crossing and its prized Asian unit.

Infonet provides data communications services to large companies around the world. It is based in the US, but is backed by a number of European operators including Royal KPN of the Netherlands, Telia of Sweden, Telef¢nica of Spain and Swisscom as well as Japan’s KDDI.

According to reports, Infonet has joined with investment firms Silver Lake Partners and the Gores Technology Group to put together a potential bid for Global Crossing. The group is expected to meet with Global Crossing executives next week.

Global Crossing filed for bankruptcy in January, blaming growing debt from building its global network, which links more than 200 major cities in 27 countries, slack demand for its network services and transport and declining prices for bandwidth capacity.

Since then a number of companies are believed to have shown interest in acquiring the still operating business – most notably Hutchison Whampoa and Singapore Technologies Telemedia, which made a $750m offer for the company.

Asia Global Crossing said it had signed 19 non-disclosure agreements with potential investors which allows them to have a more detailed look at the company books. Although Asia Global Crossing has refused to name its potential bidders, Hong Kong conglomerate Citic Pacific has confirmed it was considering a bid as part of a possible consortium.

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