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.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children