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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Provider of IP-based communications services Level 3 Communications Inc (Nasdaq:LVLT) announced on Tuesday that it has completed its acquisition of Global Crossing Limited.

Level 3 announces completion of Global Crossing acquisition

Level 3 Communications Inc (NASDAQ:LVLT), a provider of IP-based communications services, has completed its acquisition of IP solutions provider Global Crossing Limited, the company said today.

Level 3 concludes Global Crossing acquisition

ST Telemedia and Global Crossing were advised by Credit Suisse Securities (USA) LLC, Goldman Sachs (NYSE:GS) and Latham & Watkins.Country: USA, Sector: Telecommunications, IT/Online ServicesTarget: Global Crossing Limited Buyer: Level 3 Communications IncVendor: ST TelemediaDeal size in USD: 1.9bnType: Corporate acquisitionFinancing: All-stockStatus: AgreedBuyer advisor: Morgan Stanley & Co Inc, Willkie Farr & Gallagher LLP, BofA Merrill Lynch, Citigroup Inc

Level 3, Global Crossing strike all-share takeover deal

(NASDAQ: LVLT), an international provider of fibre-based communications services, has signed a definitive agreement with Global Crossing Limited (NASDAQ: GLBC), a global IP, Ethernet, data centre and video solutions provider.

-Level 3 Communications, Inc. signs definitive agreement with Global Crossing Limited

Global Crossing Limited (NASDAQ: GLBC) shares were up 55 percent, $8.13, to $22.93 after it agreed to be acquired by Level 3 Communications, Inc.

US Stocks in Focus (GLBC, AMMD, LVLT, ENDP, BIIB, CYH, THC, TDSC)

Seligman notes that an earlier draft of what would become the Sarbanes-Oxley Act had very few supporters before the parade of scandals involving Enron Corp., Global Crossing Limited, WorldCom Inc., etc.

Regulation: a help or hindrance to business growth?

to acquire joint control of Bermuda-based telecoms company Global Crossing Limited.

COMPETITION: COMMISSION CLEARS FOUR ACQUISITIONS

Provider of fibre-based communications services Level 3 Communications Inc (Nasdaq:LVLT) and Global Crossing Limited (Nasdaq:GLBC), a provider of an IP, Ethernet, data centre and video solutions, on Thursday announced that the US Department of Justice has cleared Level 3's previously announced acquisition of Global Crossing.

Level 3 and Global Crossing merger receives regulatory approvals

(NASDAQ: LVLT) said it agreed to acquire Global Crossing Limited (NASDAQ: GLBC) for about $1.9 billion stock deal to boost its service portfolio.

Level 3 To Buy Global Crossing For $1.9 Bln Stock, Shares Soar

IP solutions provider Global Crossing Limited (Nasdaq:GLBC) announced on Monday that its subsidiary Global Crossing (UK) Telecommunications Limited (GCUK) has received Public Service Network (PSN) certification from the UK cabinet office.

Global Crossing receives UK Public Service Network certification

Provider of fibre-based communications services Level 3 Communications Inc (Nasdaq:LVLT) and Global Crossing Limited (Nasdaq:GLBC) announced yesterday that, at separate special meetings, stockholders of both companies voted to approve Level 3's proposed acquisition of Global Crossing.

Level 3 and Global Crossing announce stockholders approval of merger

The net proceeds of the financing will be used to refinance outstanding indebtedness of Global Crossing Limited and its subsidiaries, including fees, premiums and other expenses.