Troubled telecoms group Global Crossing plans to launch a USD350 million high-yield bond in a bid to plug a looming liquidity gap in the carrier’s finances. The operator, which emerged from Chapter 11 bankruptcy protection last year, intends to use the proceeds from the sale to repay USD75 million of outstanding debt and to fund its longer-term requirements. Just two months ago it announced it needed as much as USD40 million to keep it liquid until the end of 2004, and announced that ‘significant’ funds would be required after that. The bond will be sold by the carrier’s UK subsidiary and issued in two ten-year tranches, denominated in dollars and sterling. According to the Financial Times, the rating agency Standard & Poor’s has given the bonds the fourth lowest credit rating, adding that it expects Global to continue to generate substantial negative cash-flow in the medium-to-long term, if the market for voice and data transport services fails to rebound.