Global Crossing to emerge from Chapter 11
Telecommunications group, Global Crossing, one of a number of companies to collapse in the global telecom slump, looks set to emerge from bankruptcy.
Telecommunications group, Global Crossing, one of a number of companies to collapse in the global telecom slump, looks set to emerge from bankruptcy.
Link: Global Crossing’s UK network up for sale
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.
The numbers you crunch tell a story. Your expertis...
22yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Construction, Food & Drug Retailers and General Retailer sectors in particular drove the increase in ‘significant’ financial distress, up 38.6%, 4...
View articleBody Shop, Ted Baker, Farfetch, MatchesFashion and Wilko among latest retailer insolvencies. Number of businesses in trouble are the highest in five y...
View articleInsolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleThe survey paints a “brightening” picture of the global economy, according to the ACCA Read More...
View articleThe pandemic may have “distorted” some economic data Read More...
View articleAdvisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...
View articleHaving a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...
View article