Posted on 05/26/2002 8:35:33 AM PDT by Brian Mosely
Saturday May 25, 2:16 pm Eastern Time
MADISON, N.J., May 25 /PRNewswire/ -- Global Crossing today confirmed that its major creditor constituencies were unable to reach agreement on definitive documentation with Hutchison Whampoa Ltd. and Singapore Technologies Telemedia Pte. Ltd. for an investment in Global Crossing. This agreement would have resulted in the two companies securing a break-up fee and other bidding protections.
John Legere, Global Crossing's chief executive officer stated: "While we are disappointed that an agreement could not be reached at this time, we look forward to working with Hutchison Whampoa and Singapore Technologies Telemedia as the auction approaches."
Global Crossing is continuing discussions with other interested potential investors as the process moves forward.
ABOUT GLOBAL CROSSING
Global Crossing provides telecommunications solutions over the world's first integrated global IP-based network, which reaches 27 countries and more than 200 major cities around the globe. Global Crossing serves many of the world's largest corporations, providing a full range of managed data and voice products and services. Global Crossing operates throughout the Americas and Europe, and provides services in Asia through its subsidiary, Asia Global Crossing.
On January 28, 2002, Global Crossing and certain of its affiliates (excluding Asia Global Crossing and its subsidiaries) commenced Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York and coordinated proceedings in the Supreme Court of Bermuda.
Please visit http://www.globalcrossing.com or http://www.asiaglobalcrossing.com for more information about Global Crossing and Asia Global Crossing.
Statements made in this press release that state Global Crossing's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Global Crossing's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to complete systems within currently estimated time frames and budgets; the ability to compete effectively in a rapidly evolving and price competitive marketplace; possible reductions in demand for our products and services due to competition or changes in industry conditions; changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; and other risks referenced from time to time in Global Crossing's filings with the Securities and Exchange Commission.
CONTACT: Cynthia Artin of Global Crossing, +1-973-410-8820, or
Cynthia.artin@globalcrossing.com
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