Future looking brighter for Global Crossing Asia
Asia Global Crossing said yesterday that it had received restructuring proposals from at least two parties in a bid to raise $250m (£169m) in debt and equity financing.
The troubled carrier company which is majority owned by parent Global Crossing told the South China Morning Post that it expected to have ‘money in the bank by the end of the year.’
Global Crossing owns a 58.8% stake in Asia Global Crossing. The company spend billions of dollars building an international internet protocol network only to see the bottom fall out of the telecoms market.
The company’s chief executive officer Jack Scanlon said yesterday that the company had enough cash resources to last into the first quarter of 2003 but wanted to finalise restructuring plans before then.
Scanlon would not be drawn on who the ‘multiple bidders’ were, but said that they had provided ‘very innovative approaches’ to restructuring.
‘[The interested parties] wouldn’t be talking to us unless they felt that there is a chance for this group to be last man standing in Asia, which is the highest potential market going forward,’ he concluded.