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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To clarify the position, Level 3 has stated that the agreement between Global Crossing and Team Telecom was terminated in 2011 as a result of Level 3's acquisition of Global Crossing.
The agency also maintained the B- rating on the GBP270.2m-equivalent (USD431.3m/EUR310.5m) senior secured notes issued by Global Crossing (UK) Finance PLC.
The transaction was structured as a tax-free, stock-for-stock exchange in which shareholders of Global Crossing will receive 16 shares of Level 3 common stock for each share of Global Crossing common stock or preferred stock owned at closing.
The deal also enhances Global Crossing's ability to deliver high-performance Tier 1 Internet connectivity to carriers and enterprise locations throughout east and southern Africa.
"This is a transformational combination that we believe will deliver significant value to the investors, customers and employees of both Level 3 and Global Crossing," Level 3 chief executive Jim Crowe said in a statement.
The solution includes a full-time satellite downlink of the Fashion One channel, as well as access to Global Crossing Genesis Solutions' global video network, which comprises 700 on-net cities and 25 teleport facilities worldwide.
The contract has been signed for Level 3 to acquire Global Crossing in a tax-free, stock-for-stock transaction.
(NASDAQ: LVLT) after it struck a deal to buy Global Crossing Limited (NASDAQ: GLBC) for about $1.9 billion stock deal to boost its service portfolio.
"As enterprise, carrier and government applications consume additional bandwidth, Global Crossing recognizes the value of giving customers the added end-to-end capacity they need to meet this growing demand and to help them effectively scale their bandwidth requirements," said John Dobbins, vice president of Transport and Infrastructure Product Management at Global Crossing.
Xtera's contract with Global Crossing is to provide new capacity using the Xtera NXT next generation Submarine Line Terminal Equipment (SLTE) with 20 Gbit/s Differential Phase Shift Technology (DPSK).
"This partnership with Global Crossing is significant in terms of expanding the connectivity alternatives for our customers across the US, Canada and Latin America," Abdullah Hashim, senior vice-president, Business Solutions, etisalat said in a press release yesterday.
"This partnership with Global Crossing is significant in terms of expanding the connectivity alternatives for our customers across the US, Canada and Latin America," said Abdulla Hashim, senior vice president, Business Solutions, Etisalat.

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