Global Crossing secures USD100 million

20 May 2004

Bermuda-based Global Crossing has confirmed that it has obtained USD100 million in financing from ST Telemedia, the Singaporean company that took control of it after its re-emergence from bankruptcy. According to Global Crossing the bridging loan will allow it to fund operations until the end of the year. The agreement carries a number of conditions, including giving ST Telemedia a right to any proceeds Global Crossing receives from selling assets or issuing debt. Global Crossing’s quest to secure additional funding had been threatened when it was revealed last month that it would restate its 2003 earnings, review its 2002 results and delay reports for this year.