Times Online
18 May 2008
Global Crossing, the US telecoms carrier that went into Chapter 11 bankruptcy protection after running up debts of £6 billion on an acquisition spree, is considering plans to sell off or merge its European arm with a competitor.
The company, worth £24 billion at its peak, emerged from bankruptcy protection in late 2003. It has been canvassing interest for several months.
The move will surprise some observers. The UK arm is one of the largest profit drivers for US-listed Global. Its controlling shareholder, Singapore Technologies Telemedia, part of the Singapore government’s investment arm, Temasek, has raised debt against the division.
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