Global Crossing

Global Crossing was a telecommunications company based in Bermuda, who ran a world-wide fiber-optic cable network for data transmission.

History

Global Crossing built from 1997 to 2001 on a global IP backbone, is one of the, for example, the submarine cable AC-1. The establishment and operating costs of the network and the general oversupply of bandwidth led in January 2002 to the fact that the Group could fail to meet its payment obligations and had to apply for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. The liabilities of the Group amounted to 12.4 billion U.S. dollars. The company founder Gary Winnick sold shortly before shares worth 734 million U.S. dollars.

On August 9, 2002 Global Crossing and its creditors agreed to a purchase offer, the Asian telecom companies Hutchison Whampoa and Singapore Technologies Telemedia ( STT) over 250 million U.S. dollars for 61.5 percent of the Group. In April 2003, Hutchison Whampoa withdrew his bid after U.S. government officials had opposed a sale to the Group from Hong Kong. In December 2003, finally took STT alone the 61.5 percent stake in Global Crossing.

On 11 April 2011, the acquisition was announced by the previous competitors Level 3 by means of a share swap, which was completed on October 4, 2011. The combined company now operates as a Level 3 Communications, LLC.