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Global Crossing Looks Overseas for Financing
Berkshire Connect, Inc/New York Times ^ | December 20, 2001 | Simon Romero

Posted on 02/18/2002 2:58:06 PM PST by d14truth

Global Crossing Ka-shing In?

Excerprt--"The investments would allow Global Crossing, which led the late 1990's frenzy for globe-spanning communications systems, to avoid a protracted bankruptcy filing. But they hinge on delicate negotiations with its senior lenders, a group of about two dozen banks including Citigroup and J. P. Morgan Chase."

The banks, which met with company officials yesterday in New York to discuss the plan, need to approve changes to their financing agreements before it can restructure with the new equity. Global Crossing and the lenders hope to work on the plan over the next month.

Under the proposal, Li Ka-shing, a Hong Kong businessman, would invest at least $1 billion, and Singapore Telecommunications is also considering a big investment, people close to the situation said.

Deutsche Telekom could also become a large shareholder through a complicated multiyear deal to acquire capacity on Global Crossing's network. As part of that agreement, which is potentially valued at several billion dollars, it would receive warrants that would allow it to buy a large block of Global Crossing shares, these people said."


TOPICS: Extended News; News/Current Events
KEYWORDS: globalcrossing
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Looks like Hutchison Whampoa is going to get an even better deal in Global (Double) Crossing than originally thought.
1 posted on 02/18/2002 2:58:06 PM PST by d14truth
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To: Tumbleweed_Connection;Grampa Dave;Liz
"In the meantime, Global Crossing has said it is not headed for a liquidity crisis, saying it has enough cash to remain in business through the coming year. At the end of September, it had $2.4 billion. A spokesman declined to say how much it now has."

Oops! Only made it to January.

2 posted on 02/18/2002 3:00:36 PM PST by d14truth
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To: d14truth
When do the left wingers who controll GX, Arthur Andersen and the left wing media lie to Americans?
3 posted on 02/18/2002 3:03:15 PM PST by Grampa Dave
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To: d14truth;WIMom;Howlin
d1 what you want to bet UBS-Warburg gets in on this action..
4 posted on 02/18/2002 3:07:01 PM PST by Dog
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To: Brian Mosely;Uncle Bill;LaDivaLoca
Hutchison Whampoa

Looks like one of those 'sell high, buy low' convoluted capitalist outfits. {;~)

5 posted on 02/18/2002 3:09:33 PM PST by d14truth
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To: d14truth
I hope that Arthur Andersen does the auditing for Hutchison Whampoa!
6 posted on 02/18/2002 3:12:55 PM PST by Grampa Dave
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To: Dog
Ha, try this google search - Warburg Telergy
7 posted on 02/18/2002 3:18:19 PM PST by WIMom
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To: Grampa Dave
Sorry, no AA Audit--

Pricewaterhouse Coopers -- audited Hutchison Whampoa according to the Hong Kong Ordinance.(Kind of outside the perview, IMHO.)

8 posted on 02/18/2002 3:24:42 PM PST by d14truth
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To: WIMom
I knew Rich and Warburg were in this mess somewhere...
9 posted on 02/18/2002 3:25:33 PM PST by Dog
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To: kattracks;Lion's Cub;Ernest_at_the_Beach;independentmind
Nice draw of $$$$ from Global (Double) Crossing(See 'exceptionals' listing). Will probably get same assets back, if they want them, for less than $0.25 on the dollar.
10 posted on 02/18/2002 3:28:37 PM PST by d14truth
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To: kattracks;Lion's Cub;Ernest_at_the_Beach;independentmind
The 'exceptionals' listing is in the 'link' in reply #5
11 posted on 02/18/2002 3:29:48 PM PST by d14truth
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To: *GlobalCrossing
Bump List
12 posted on 02/18/2002 3:59:16 PM PST by Free the USA
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To: Free the USA
Throw them in prison till they rot.
13 posted on 02/18/2002 4:03:09 PM PST by waterstraat
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To: Dog;d14truth;WIMom;Howlin
Did you know that UBS-Warburg took over Enron On-Line trading last week.
14 posted on 02/18/2002 8:04:36 PM PST by Bayou City
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To: Liz;Dog
From the 'exceptionals' in reply #5--

"Exchange of Mannesmann shares for Vodafone shares $50,000m"

I think it is 50 billion Hong Kong dollars.

Now, I will complete this 'link' to something I posted Sunday as soon as I find it again.

15 posted on 02/19/2002 7:06:37 AM PST by d14truth
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To: Liz;Dog;GrampaDave
Ron Brown Trade Trips

The 'connection' came from this one.

"Philip Verveer, a politically savvy Washington attorney, recommends a place on a 1994 mission to India for William Ginsberg, CEO of Cellular Communications International
*****
Hold on, I'm getting to the point.

16 posted on 02/19/2002 7:15:59 AM PST by d14truth
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To: Liz;Dog;GrampaDave
Cellular Communications International, Inc. (CCIL/QCM) Extension and Offer Price Increase of Tender Offer

"Olivetti S.p.A. and Mannesmann AG have amended (extended and increased the price of) their offer to purchase all shares of Common Stock of Cellular Communications International, Inc. ("CCIL") (please reference PCX Options Information Bulletin OSB-98-329, dated December 17, 1998, for a description of the initial offering). The amended Offer to Purchase (the "Offer") is described below:...."

Clintons, Verveers, Brown, Ginsberg(CCIL), Mannesmann/Vodafone<-Hutchison Whampoa->/Global Crossing.

17 posted on 02/19/2002 7:33:28 AM PST by d14truth
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To: d14truth
This continues to become more of a nightmare for all of us!
18 posted on 02/19/2002 7:36:47 AM PST by Grampa Dave
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To: Grampa Dave
"America for Sale" -- to anyone for the highest price, 1992-2000. Multi-national firms may have been selling even longer.

'Give me liberty or give me death' -- Do we have any more of those in Congress?

19 posted on 02/19/2002 7:44:20 AM PST by d14truth
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To: Grampa Dave;Liz;Dog
January 1999

"Vodafone takes control of AirTouch for a sum of $62 billion, in the face of offers from Bell Atlantic and MCI-WorldCom. In terms of market valuation, the new entity will occupy fourth place in the world ranking."

February 1999

"After a first abortive attempt, Olivetti and Mannesmann achieving "with success" their takeover bid for the entire capital of CCIL. This will give them stronger control of Omnitel, second largest mobile operator in Italy, in which CCIL has a 10.3% interest.

20 posted on 02/19/2002 7:52:58 AM PST by d14truth
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