I believe they are under contract. It already cleared BK court. The gov would first have to deny the contract. After that...I don't think the gov could buy it due to the Telecom Dereg Act. We belong to the World Trade Organization. That has something to do with gov agencies not controlling public utilities. Ideally it should go to a Baby Bell; however, their finances aren't that great at the moment. Any sale would come with the vast debt that Global carries.
Thanks for the info setting me straight. I'm still against this particular deal.
Ideally it should go to a Baby Bell; however, their finances aren't that great at the moment. Right, but it's peanuts for what it must have caught to build that network. Bill Gates could probably buy this with his bus change.
Any sale would come with the vast debt that Global carries.
Not necessarily. This is a bankruptcy sale, which liquidates debt. Depending on the terms of the bankruptcy reorganization, at least a good bit of the debt could be forgiven and/or traded for equity in the new company. That could make the new China-owned Global Crossing a formidable competitor to AT&T and the Baby Bells, which as you correctly point out are not in great shape, all struggling with large debt loads.