Global Crossing restructuring plan gets green light

8 Jan 2003

Bankrupt fibre-optic telecommunications company Global Crossing has received official sanction from the Bermuda Supreme Court to proceed with its planned reorganisation programme. The court’s decision marks the latest stage of the company’s long-winded restructuring exercise since it filed for Chapter 11 bankruptcy protection in January 2002 with debts of USD12.4 billion. On 26 December the US Bankruptcy Court approved Global Crossing’s plan which will see the creation of a new entity, New Global Crossing, which will discharge its debts by offering a mixture of cash and shares to creditors.