Global Crossing


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Global Crossing

A telecommunications company that filed for bankruptcy during the Enron scandal of the early 2000s. It had previously inflated its profits by recording as revenue its conduit swaps, a transaction in which telecommunications companies exchange carriers with each other without trading money. In 2005, it was found to have violated several accounting laws and was forced to settle with the SEC. See also: Sarbanes-Oxley Act.
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However, several Global Crossing creditors have questioned the value of that offer, which would have given Global Crossing $250 million cash.
BRIEFCASE XO TO BID ON DEBT OF GLOBAL CROSSING

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