By the way, the British are doing a spectacular job with the Balboa and Cristobal ports (American companies have contracts for building/renovations on some of the other ports). The U.S. company who is building the new railroad line from Balboa to Cristobal is also doing a magnificent job.
New York, Aug. 9 (Bloomberg) -- Global Crossing Ltd. agreed to sell a majority stake in the company for $250 million to Hutchison Whampoa Ltd. and Singapore Technologies Telemedia Pte, the same suitors that offered three times as much in January for a bigger share of the fiber-optic network operator.
When Global Crossing filed for bankruptcy on Jan. 28, it agreed to a takeover by Hong Kong-based Hutchison and Singapore- based ST Telemedia, which then offered $750 million for a 79 percent stake. A month later the offer was rejected by creditors, and Global Crossing sought a better deal in an auction.
Global Crossing and creditors settled for a lower price as demand for fiber-optic lines and communications slumps, analysts said. The company, founded in 1997 by Gary Winnick, filed for bankruptcy after it couldn't generate enough sales to repay $12.4 billion in debt amassed to assemble its 27-nation network....