Global Crossing gets cash, files Chapter 11
Global Crossing today said it has embarked on a reorganization process that includes filing Chapter 11 and securing a $750 million cash investment from Hutchison Whampoa and Singapore Technologies Telemedia.
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Under the terms of the proposed investment--partially conditioned on the reorganization being confirmed by the end of August--creditors would share in a combination of cash, new debt and new equity in the restructured company. Existing common equity and preferred shareholders would receive nothing from the restructuring.
--Vince Vittore, executive editor
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© 2012 Penton Media Inc.
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