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Global Crossing - Company Report
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Company Reports are concise reports that provide a review of the company's activities, corporate strategy and recent developments.
Global Crossing Ltd (GCL) is a communications solutions provider, offering a range of IP and legacy telecommunications services using a global IP-based network that directly connects more than 300 cities in more than 29 countries and delivers services to more than 600 major cities in more 60 countries around the world. The company serves many of the world's largest corporations and many other telecommunications carriers, providing a full range of managed data and voice products and services. In October 2006 and May 2007, Global Crossing acquired Fibernet Group and Impsat Fiber Networks, respectively, which enabled the company to expand its presence as a provider of telecommunications services in the UK, Germany, and Latin America. Global Crossing Ltd was formed in 1997 to design and build the first global, MPLS IP-core network. In January 2002, Global Crossing and a number of its subsidiaries commenced Chapter 11 bankruptcy proceedings in the US Bankruptcy Court for the Southern District of New York. December 9, 2003 was the effective date for the joint plan of reorganisation of the old Global Crossing (Old GCL) and certain subsidiaries. On that date, Old GCL transferred substantially all of its assets to new Global Crossing Ltd (New GCL). New GCL thereby became the parent company of the Global Crossing consolidated group of companies. On the effective date of the reorganisation, a subsidiary of Singapore Technologies Telemedia Pte Ltd (ST Telemedia) (whose ultimate parent company is Temasek Holdings (Private) Ltd, Singapore's state investment arm) invested US$250 million in cash in exchange for a 61.5% equity interest in New GCL. As of December 31, 2005, Carlos Slim Helu and members of his family (the Slim Family) together with entities controlled by the Slim Family, held more than 10% of Global Crossing's common stock. As of March 31, 2007, the STT Crossing, a wholly-owned subsidiary of ST Telemedia, beneficailly owned 57% of Global Crossing's common stock on a fully diluted basis. Fidelity Management and Research owned 14.8% of the common stock, DuPont Pension Trust held 5.4%, and the Slim Family held approximately 6%.
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