ST Telemedia stumps up additional USD200 million for Global Crossing

5 Dec 2003

Singapore Technologies Telemedia, a subsidiary of the Singapore government’s investment unit Temasek Holdings, has announced it is to pump a further USD200 million into troubled carriers’ carrier Global Crossing, in a bid to appease creditors who were previously promised payment via senior secured notes when ST Telemedia received regulatory clearance to buy a 61.5% stake in the company in October. Creditors holding more than USD2.25 billion of Global Crossing debt had earlier baulked at the plan, suggesting that the notes did not offer adequate collateral. ST Telemedia’s announcement boosts its total investment in Global Crossing to over USD450 million.