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Global Crossing Extends Auction Deadline [Hutchison Whampoa - only offer so far]
Yahoo - Reuters ^
| Wed Jul 31, 9:46 AM ET
Posted on 07/31/2002 12:36:51 PM PDT by flamefront
MADISON, N.J. (Reuters) - Bankrupt telecommunications company Global Crossing Ltd. on Wednesday said it extended its deadline again for an asset auction to allow more time to review bids.
Global Crossing, which filed for bankruptcy in January and faces two federal probes into its accounting, last week moved the date of the auction from July 24 to July 31.
On Wednesday, it said it had now moved the date from July 31 to August 2.
The auction will take place at the offices of Weil, Gotshal & Manges LLP in New York. The auction hearing is currently scheduled for Aug. 7, 2002.
"We are extending the date of the auction in order to give the company more time to review the investment proposals it has received," John Legere, chief executive of Global Crossing, said in a statement.
The company filed for Chapter 11 bankruptcy protection in January, buckling under $12.4 billion in debt and a glut of high-speed network capacity.
About 60 shareholder suits pending against bankrupt telecommunications giant Global Crossing Ltd. are set to be heard in U.S. District Court in Rochester, New York.
Global Crossing also faces probes into its accounting practices by the U.S. Justice Department ( news - web sites) and the Securities and Exchange Commission ( news - web sites).
Global Crossing's former chief operating officer David Walsh is reportedly considering leading a bid for the assets of the telecommunications company.
Walsh is currently chairman of Moneyline Telerate, which is backed by One Equity Partners, the $3.5 billion private-equity arm of Bank One Corp .
Global Crossing has said there are more than 60 companies seeking to buy its assets. But so far, only one group -- Hutchison Whampoa Ltd. of Hong Kong and its partner, state-owned Singapore Technologies Telemedia Pte. -- has made an offer. And those talks fell through in May after Global Crossing failed to reach an agreement on price.
Even so, Global Crossing has said there are still plenty of other interested parties and it expects a competitive bidding process once all the offers are on the table.
TOPICS: Foreign Affairs; Front Page News
KEYWORDS: alert; china; chinastuff; globalcrossing; internet; likashing; telecom
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Will the global internet fall into the hands of the Chinese Communists this year?
To: flamefront
God help us, Hutchison is the comapny controlling the panama canal and the freeport bahamas shipping terminals. They are run by the red chinese board out of Bejing.
If you want more on this type the name into google search and read the documents.
ops4
2
posted on
07/31/2002 12:47:52 PM PDT
by
OPS4
To: flamefront
bttt
3
posted on
07/31/2002 12:49:03 PM PDT
by
lodwick
To: OPS4
Sure give it to them. Let's even increase our trade with these
bast$#@s. Let's keep the same congress in power who allows this to continue. So what's the problem. GW will take care of you. (sarcasm)
4
posted on
07/31/2002 12:53:14 PM PDT
by
Digger
To: Alamo-Girl; Enemy Of The State; Free the USA; Sawdring; Askel5; maui_hawaii; 11th Earl of Mar; ...
ping
To: flamefront
Good question.
6
posted on
07/31/2002 1:01:23 PM PDT
by
Askel5
To: flamefront
I wish T.J. Rodgers was interested.
To: flamefront
Will the global internet fall into the hands of the Chinese Communists this year? Sure, why not? everything else will. NOBODY in washington is capable of doing anything about it. We need a TOTAL housecleaning of the Leglislative and Executive branches.
Why do freepers have a better grasp of what is happening to our country than do the corrupt liars in Washington? The only answer I can come up with is that they are in on it.
To: flamefront
Thanks for the heads up!
To: *China stuff; *GlobalCrossing; flamefront
To: flamefront; All
Lest we forget:
Hutchison Whampoa:
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|
SEARCH PARTNERS
WEB RESULTS (Showing Results 1 - 50 of more than 100 ) next »
Get the Top 10 websites for "Hutchison Whampoa "
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11
posted on
07/31/2002 1:49:09 PM PDT
by
backhoe
To: backhoe
Thanks for the memories. I have a feeling we have much more to post on this in the future.
To: flamefront
13
posted on
07/31/2002 2:49:57 PM PDT
by
backhoe
To: Captainpaintball; lavaroise; Noswad; skemper; JanL
We are the Refounding Fathers.
To: OPS4
Hutchinson Whampoa also owns Husky Energy, one of Canada's largest oil drilling, production, refining and marketing companies.Gary Winnick isn't hurting any after destroying his company, his stockholders and most of his employees. He is
giving away over $100 millionto his favorite charities. Give him a call if you have kids. Gary is offering free 10 day trips overseas to young adults (he only has $5 million budgeted for this so call now).
To: flamefront
How did Americans twice elect a man who believed that the world would be a more peaceful if our adversaries had all of our weapons knowledge....no more need for spies. Almost as stupid as Carter's finding out in amazement that "those Russians, they really do lie," but a lot more dangerous.
To: flamefront
Fat lady ain't sung yet. It is possible (perhaps I am optimistic) that the GWB gang will make it difficult for HutchWhamp to buy this asset.
We shall see.
17
posted on
08/01/2002 8:10:40 AM PDT
by
ninenot
To: ninenot
We won't see unless we look first. Here's looking at it.
To: backhoe; Fred Mertz; rdavis84; aristeides; OKCSubmariner
What do you mean by "sponsored search listings"?
19
posted on
08/01/2002 1:04:00 PM PDT
by
Betty Jo
To: Betty Jo
It gives you information about that company, and many others. It's a feature of HotBot's search engine.
20
posted on
08/01/2002 3:15:39 PM PDT
by
backhoe
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